Piquadro Group, a prominent name in Italian leather goods, reports stellar financial performance for H1, concluding on September 30. The group exhibits robust margin growth, with EBITDA reaching €14.7 million, marking an impressive 44.4% increase. Notably, adjusted EBITDA soars even higher, registering a remarkable surge of 118%, totaling €8.5 million.
The consolidated revenue for the group witnesses a robust 7.1% growth, reaching €85.9 million. The Piquadro brand stands out with a revenue of €39.5 million, reflecting a substantial 12.1% increase. The Bridge achieves a revenue of €16.6 million, marking an 11% uptick, while Lancel’s revenue of €29.8 million experiences a slight downturn of 0.7%, primarily attributed to challenges in its domestic market, particularly in France, impacting over 90% of Lancel’s revenue.
Piquadro’s wholesale revenue witnesses an impressive 17.5% growth, complemented by an 8% increase in direct retail revenue. Conversely, The Bridge experiences a shift with a remarkable 24.6% growth in direct retail revenue and an 8% increase in wholesale. Lancel’s retail sales, particularly in China, showcase strength with a notable 38% growth in the period.
Italy remains the primary market for the Piquadro Group, generating revenue of €41.8 million, constituting 48.6% of the total and growing by an impressive 12.3%. In contrast, the rest of Europe experiences a marginal decline of 0.6%, amounting to €40.7 million. The rest of the world presents a remarkable revenue growth of 64.3%, totaling €3.5 million in H1.
Marco Palmieri, President and CEO of the Piquadro Group, expresses satisfaction with the «extremely positive» results for the first six months. Despite challenges in Lancel’s sales due to market situations in France, the group demonstrates excellent profitability, with adjusted EBITDA surging by 118% and adjusted EBIT by an impressive 236%. The consistently improving net financial position further contributes to a positive overall outlook for the group, even amid the period’s geopolitical instability.
