Piquadro group’s H1 EBITDA soars by 44.4%

Italian leather goods group Piquadro recorded strong margin growth in H1, which closed on September 30. EBITDA was €14.7 million, up by 44.4%, while adjusted EBITDA was €8.5 million, a whopping 118% increase.

 
The group’s consolidated revenue grew by 7.1% to €85.9 million. The Piquadro brand recorded a revenue of €39.5 million (a 12.1% increase), The Bridge recorded a revenue of €16.6 million (up by 11%), while Lancel’s €29.8 million was equivalent to a 0.7% downturn, chiefly due to a slump on its domestic market, caused by recent demonstrations in France, where Lancel generates over 90% of its revenue.  
 
Piquadro’s wholesale revenue grew 17.5%, while direct retail revenue increased by 8%. The trend was reversed at The Bridge, whose direct retail revenue grew by 24.6%, with wholesale increasing by 8%. Lancel’s retail sales were strong notably in China, where they grew 38% in the period.

Italy remained the Piquadro group’s main market, generating a revenue of €41.8 million (48.6% of the total) and growing by 12.3%, while the rest of Europe lost 0.6%, dropping to €40.7 million. In the rest of the world, the group generated a revenue of €3.5 million in H1, growing by a remarkable 64.3%.

“The results for the first six months of the year were extremely positive,” stated Marco Palmieri, president and CEO of the Piquadro group, adding that “in terms of revenue, Piquadro and The Bridge posted significant growth while Lancel was stable, despite the fact that its sales were severely affected by the market situation in France, where the maison generates over 90% of its revenue. Profitability results were excellent, with the group’s adjusted EBITDA increasing by 118%, and adjusted EBIT by 236%. Our net financial position is constantly, markedly improving, completing a positive results picture despite the period’s generalised geopolitical instability.”