Piquadro group’s revenue up 47% in Q1 thanks to monobrand stores, Europe
Italian leather goods group Piquadro, owner of Piquadro, The Bridge and Lancel, recorded a revenue of €32 million in Q1 2022-23 (from April 1 to June 30 2022). This was equivalent to a 47.2% increase over the same period the previous fiscal year, when revenue was €21.8 million. The Bologna-based group’s flagship brand Piquadro generated a quarterly revenue of €11.8 million, up 36.4% compared to the same period in 2021-22.
The Piquadro brand grew across all sales channels over Q1 2021-22. Revenue in the wholesale channel was up 23.1%, in directly operated stores it rose by 59.7%, while in the e-tail channel it increased by 21%.
Tuscan leather goods brand The Bridge, in which the Piquadro group bought an 80% stake from Florentine leather goods producer Il Ponte in 2016, finally taking full control this year, recorded a revenue of €5.6 million in Q1, up 52.3% over the quarter that ended on June 30 2021. The Bridge posted sales growth over Q1 2021-22 in all its channels: the wholesale channel was up 55%, direct retail grew by 53.3%, and e-tail by 27.1%.
In Q1 2022-23, French brand Lancel (bought by Piquadro from Swiss luxury giant Richemont in 2018) generated a revenue of €14.6 million, growing 55.1% over the same quarter a year ago. Lancel's quarterly revenue increased by 18.4% in the wholesale channel, and by 87.1% in its own monobrand stores.
Geographically, in Q1 2022-23 the Piquadro group recorded a revenue of approximately €12.4 million on the Italian domestic market, which accounted for 38.7% of the group’s total revenue and grew by 38.3% compared to the same period the previous fiscal year.
In the rest of Europe, the group generated a revenue of approximately €18.9 million, equivalent to 58.9% of its consolidated revenue, and to a 59.7% rise over to the same period in 2021-22. Outside of Europe, the Piquadro group's revenue was €0.7 million, accounting for 2.4% of its consolidated total.
“The results for the first quarter are definitely positive" said Marco Palmieri, president and CEO of the Piquadro group, quoted in a press release. “The group’s three brands recorded increases well above expectations, starting with the 55.1% [rise] posted by Lancel which, although compared to last year’s period with partial closures due to Covid, confirms the liveliness of the [brand’s] recovery, the appreciation for its design style and, in general, the validity of the strategies implemented,” he added.
Revenue growth across all channels, particularly in directly operated stores and in wholesale, is a “testament to the renewed desire [of consumers] to go shopping again in stores,” according to Palmieri.
The origins of the Piquadro group date back to 1987, when Palmieri founded the company in Silla di Gaggio Montano, near Bologna, where its headquarters are still located. The group has a distribution presence in more than 50 countries worldwide. It operates 180 monobrand stores, which include 80 for Piquadro (52 in Italy and 28 abroad, of which 47 are directly managed and 33 with franchisees), 13 for The Bridge (all in Italy, 11 of them directly managed and 2 with franchisees), and 80 for Lancel (61 in France and 19 abroad, of which 72 directly owned and 8 with franchisees). In fiscal 2021-22, which closed on March 31 2022, the group's consolidated revenue was €149.4 million. The Piquadro group has been listed on the Milan stock exchange since October 2007.
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