The Piquadro group has posted positive results for H1 of fiscal 2024-25. The Italian leather goods group, based in Silla di Gaggio Montano, near Bologna, and owner of the eponymous brand as well as French brand Lancel and Florentine brand The Bridge, recorded consolidated revenue of €87.8 million in H1, closed on September 30. Revenue was up 2.1% over the same period the previous year, and 2.2% at constant exchange rates.

EBITDA was €14.8 million, up 0.9% over the previous year, while adjusted EBITDA was €8.9 million, up 4.1% year-on-year.
 
The group’s EBIT result was even better, standing at €7.5 million, up more than 12.2% from September 30 2023, while adjusted EBIT was €6.9 million, up 12.7% year-on-year.

The group’s consolidated net result was €5 million, an improvement of over €800,000 compared to the result at September 30 2023, but the net financial position was negative by €32.1 million, including approximately €38.2 million of financial liabilities arising from the application of the IFRS16 accounting principle. The net financial position was €2.6 million worse than the previous year’s, but was positive for €6.1 million on an adjusted basis.
 
“The Group has leveraged the distinctive strength and identity of its three brands. Notably, the performance of the Lancel brand, especially in the retail channel which accounts for more than 70% of its sales, has confirmed the effectiveness of the initiatives undertaken to relaunch the brand,” said Marco Palmieri, chairman and CEO of the Piquadro Group. “Despite the very volatile economic and financial environment, we are confident of being able to support growth by investing in customer centricity, constant product innovation, in rationalizing and upgrading the physical and online wholesale channel, and by leveraging a solid financial and asset position, in order to obtain positive results aligned with the performance achieved so far,” added Palmieri.
 
In H1, the Piquadro brand recorded revenue of €39.8 million, up 0.8% on an annual basis, and 0.9% at constant exchange rates. Revenue grew by 2.1% in the wholesale channel, and remained flat in directly operated stores.

In the period in question, The Bridge recorded revenue of €16.8 million, up 1.5% year-on-year, and the same at constant exchange rates. Revenue in the wholesale channel rose by 3.6%, and by 3.5% in directly operated stores.
 
In H1 2024-25, Lancel generated revenue of €31 million, equivalent to a 4.2% increase over the same period the previous year, and the same at constant exchange rates. Revenue in the wholesale channel fell by 7.2%, while it grew by 8.1% in directly operated stores (and by 11.8% in like-for-like terms). Online sales increased by 3.9%.
 
Geographically, the Piquadro Group recorded a revenue of €40.9 million on the Italian market (which accounted for 46.6% of total consolidated revenue), a 2% decrease at both current and constant exchange rates compared to the same period in 2023-24.

In the rest of Europe, the group recorded a revenue of €44.2 million, equivalent to 50.3% of total consolidated revenue, and to an 8.6% increase over the previous year.
 
Finally, in the markets aggregated under ‘rest of the world’, the Piquadro group recorded revenue of €2.7 million, equivalent to 3.1% of total consolidated revenue, and to a 23.4% decrease year-on-year.