In a testament to its resilience and market prowess, the Piquadro Group, a prominent Italian leather goods conglomerate, concluded the first half of the fiscal year 2023-24, ending on September 30, with impressive financial results. The company reported a robust revenue of €85.9 million, marking a substantial 7.1% increase compared to the same period in the previous year.
Both the Piquadro and The Bridge brands delivered stellar performances, aligning with the previous year’s success. Piquadro recorded an impressive revenue of €39.5 million, signifying a remarkable 12.2% increase, while The Bridge achieved revenue of €16.6 million, reflecting an impressive 11% growth. Notably, Piquadro’s wholesale revenue witnessed a remarkable 17.5% surge, and direct retail sales also experienced a solid 8% increase. Conversely, The Bridge witnessed a reversal in trends, with direct retail revenue surging by 24.6%, while wholesale increased by 8%.
On a slightly different note, the French leather goods brand, Lancel, reported a revenue of €29.8 million, showing only a marginal decline of 0.7% compared to H1 of the previous year. Lancel’s performance was primarily influenced by challenges in its domestic market, attributed to recent social unrest in France. It’s worth noting that over 90% of Lancel’s revenue is generated in France. However, Lancel experienced substantial growth in its retail sales in China, achieving a remarkable 38% increase during the period.
With Italy continuing to serve as the primary market for the Piquadro group, it contributed significantly to the overall revenue, with a substantial €41.8 million, representing 48.6% of the total revenue in H1. Italy demonstrated substantial growth, recording an impressive 12.3% increase. In contrast, the rest of Europe experienced a slight decline of 0.6%, with revenue falling to €40.7 million. The group’s global presence outside of Europe marked significant growth, generating a revenue of €3.5 million, indicating an impressive 64.3% increase.
Founded in 1987 by President Marco Palmieri, the Piquadro group operates in 50 countries and boasts 178 monobrand stores. This includes 85 Piquadro stores, with 54 located in Italy and 31 elsewhere, 14 The Bridge stores, all of which are in Italy, and 79 Lancel stores, with 60 of them situated in France. The Piquadro Group’s impressive performance and strategic growth initiatives continue to reinforce its position in the global market.
