Sales growth for Piquadro in first quarter results
The Piquadro brand reported growth of 22.5% in the quarter to €14.5 million in revenues. The brand’s wholesale channel was up by 28.8% while directly operated stores (DOS) were up by 18.1% and e-commerce had growth of 0.9%.
The Bridge achieved an increase of 19.8% to €6.7 million, with wholesale up by 14.4%, DOS up by 30.1% and e-commerce up by 21.2%. Meanwhile, Maison Lancel achieved revenues of €13.2 million, falling by 9.4% year-on-year.
In its home market of Italy, the group recorded a consolidated sales increase of 25.5% in the period to €15.6 million, accounting for 45.1% of sales. In the rest of Europe, there was a decline of 7.9% year-on-year to €17.4 million, which made up 50.5% of total sales. Finally, the rest of the world was up by 92.3% to €1.5 million, equalling 4.3% of sales.
The net financial position for the group at the end of the first quarter was a loss of €19.3 million.
Marco Palmieri, President and CEO of Piquadro, said: “Revenue for Q1 2023 was in line with our expectations. Piquadro and The Bridge reported growth of about 20%, showing a significant robust demand. Maison Lancel was affected by a complex situation in the French market and ongoing restructuring of sales and distribution policies.”