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Piquadro group returns to profitability in fiscal 2021-22
Italian leather goods group Piquadro has closed fiscal 2021-22 with a consolidated revenue of €149.4 million, up by 31.7%, while its net profit improved by €10.2 million, reaching approximately €4.4 million.
As of March 31 2022, EBITDA for the Bologna-based group gained some €14.8 million to reach €25.3 million. Adjusted EBITDA turned positive again at €12.1 million, having been €1.87 million in the red the previous year. EBIT too was positive at €9.2 million (adjusted EBIT was €8.1 million).
The group’s net financial position was €33.4 million in the negative, while adjusted net position was positive at €19.8 million. A variation that was determined by investments in intangible, tangible and financial assets worth some €5.4 million, by a share buy-back operation worth €1.8 million, and a positive free cash flow of approximately €14.7 million.
The group’s Piquadro brand is back on track, its revenue growing by 37.8% to €64.2 million. The Bridge grew by 30% to reach €25.1 million, and Lancel improved by 26.3% to reach €60.1 million.
Geographically, the Italian market generated 46.4% of the Piquadro group's total revenue, growing by 39% compared to the same period in 2020-21. Revenue in Europe (outside Italy) rose by 29.4% to €74.7 million, thanks to growth in Russia and Germany. Outside the EU, consolidated sales were worth €5.4 million.
At the next AGM, scheduled for July 25, the group's board of directors will recommend the distribution of a dividend of €4 million, which will be paid from August 3 2022.
“The results of the year are very positive in every respect for the group’s three brands,” said Marco Palmieri, president and CEO of the Piquadro group. “The year ended more brilliantly than had been expected, with the Piquadro brand recovering best. Together with The Bridge, Piquadro was once again a solid cash generator. The results of Maison Lancel were also highly positive, since it not only recorded a 26.3% increase in sales, but it also broke even in terms of EBITDA,” he added.
“Based on the good performance of the first months of the current year, even in an extremely uncertain context, we expect a more than proportional growth in turnover and profitability. We therefore continue to invest in the development of the three brands, in the knowledge that each is defined by strong values and great potential,” said Palmieri.
The Piquadro brand is back centre-stage at Florentine menswear show Pitti Uomo (scheduled on June 14-17), presenting its new lightweight, colourful and customisable Pq Light travel line. The range consists of four suitcase models, the smallest of which weighs less than 2 kg, each featuring an address badge customisable with the owner’s initials. Besides black and grey, the colour palette includes two decidedly energetic hues like yellow and orange.
At Pitti Uomo 102, Italian footwear manufacturer ACBC will once again feature alongside Piquadro. The two brands are presenting a new edition of the Corner20 line by ACBC and Piquadro, the first range of sustainable shoes and accessories launched by the group founded by Marco Palmieri, which was officially launched at the show’s last edition.
The ACBCxPiquadro sneakers are available in seven colourways, with uppers in recycled fabric and PU. The insole is made of cork, while the outsole and tread contain plastic fibres recovered from production waste. In addition to the Corner20, Piquadro’s collaboration with ACBC also features the new Trekking model, produced in an environmentally friendly way while maintaining high levels of performance and quality. The uppers are made in Piquadro’s classic fabric combined with FreeBio, an organically based material created by ACBC, and with a Vibram rubber sole to ensure optimum grip. Some of this model's components are derived from agricultural waste.
The Piquadro group is present in more than 50 countries with 181 monobrand stores, of which 82 by Piquadro, 12 by The Bridge and 87 by Lancel.
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