By  on August 7, 2014

MILAN — The luxury world continues to wobble.

Tod’s Group SpA on Thursday joined the list of luxury groups registering declining or slowing growth as the Italian firm reported a 26 percent drop in net profits in the first half to 56.1 million euros, or $76.9 million, as sales slowed due to a challenging environment in China, the continued rationalization of its Italian distribution network and the temporary closure in the U.S. of two key stores. The performance of its core Tod’s brand suffered across the board, with sales falling at both its own stores and at wholesale.

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