MILAN -- With vigorous double-digit growth in all divisions and markets, Tod's SpA finished 2001 with a 26.6 percent sales increase.
Pushed by sales in its own stores, product diversification and global expansion, the Italian luxury goods group reported consolidated sales of $274 million, as Tod's grew 28.5 percent and Hogan 27.9 percent. Dollar figures are converted from the euro at current exchange rates and results are preliminary.
Fay registered sales growth of 16.1 percent growth, "particularly remarkable considering that Fay distribution, up to now, is almost entirely performed in the domestic market and only through multibrand stores," the company said in a statement.
Shoes continue to be the driving force, accounting for 73.3 percent of sales. This category grew 24.5 percent in 2001. Leather goods advanced 53.4 percent, accounting for 13.9 percent of total sales.
The firm registered growth in all markets. U.S. revenues grew 47.5 percent and accounted for 18.1 percent of sales. Sales in markets other than Italy and the U.S. accounted for 5.7 percent of volume and grew 55 percent.
"I'm fully satisfied with our results, achieved in a more and more challenging environment, especially in the second half of the year, due to the well-known international events," said Diego Della Valle, president and chief executive officer. "In spite of this, our growth trend has been going on with strength and success."
Della Valle also said he expected "greater profits" than the previous year. "Despite the negative global economic environment, I believe that our group owns all the requirements to continue successfully, also in the current year, its brilliant growing trend," said Della Valle.
Earnings results and audited sales results for the fourth quarter and year will be reported March 28.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"