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Leather goods group Piquadro grows 3.2% in 2019-20 driven by Lancel
Annual sales for Italian leather goods group Piquadro rose by 3.2% in the 2019-20 financial year, though they slowed down markedly in Q4 due to the crisis sparked by the Covid-19 pandemic. Bologna-based Piquadro is a specialist in travel and business luggage. At the end of 2016, it bought Florentine high-end leather goods brand The Bridge, and in 2018 iconic French handbag label Lancel. In the 2019-20 financial year, closed on March 31 2020, the Piquadro group generated a revenue of €152.2 million.
In a press release, Piquadro stated that “the rise in revenue was chiefly determined by the full consolidation of 12 months of Lancel’s sales, as opposed to the 10 months that were consolidated in the previous financial year.” In addition, sales for The Bridge grew by 0.6%.
In 2019-20, Lancel posted a revenue of €53.6 million, up 13.9% compared to the previous financial year. Direct retail sales, from Lancel’s 63 monobrand stores and its e-shop, accounted for 84.4% of total sales. On March 14, Lancel closed down its monobrand stores due to the Covid-19 emergency, and most of the multibrand retailers where the label is distributed did likewise. Between January and March, Lancel's sales fell by 16.5%.
Piquadro, the group’s leading brand, generated a revenue of €72 million, down 5.1% compared to the 2018-19 financial year. Sales in the wholesale channel, accounting for 56.3% of the brand’s total, fell by 8.2%. The direct retail channel lost only 0.6%, while e-sales skyrocketed, growing by 27.3%. In the last quarter, Piquadro's sales feel considerably, losing 27.8%.
Revenue for The Bridge was €26.7 million, up 0.6% over the previous financial year, but sales plummeted between January and March 2020, losing 28.7%.
Geographically, the group's revenue was down 4.3% in Italy in the 2019-20 financial year. The country is Piquadro's main market, accounting for half of the group's total sales. Elsewhere in Europe, sales rose by 13.6%, chiefly thanks to Lancel’s contribution.
For the time being, the Piquadro group has not published any forecast relating to the current financial year.
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