Tod’s Group is an Italian luxury leather goods manufacturer. Credit: Jan-Wouter Stigter/Flickr(Creative Commons).

Italy-based leather goods company Tod’s has reported consolidated sales of €270.5m ($295.61m) for the first quarter (Q1) of fiscal year (FY) 2023.

This reflects a 23.2% increase in sales from €219.6m ($239.98m) registered in the Q1 of FY2022.

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Tod’s Group CEO and chairman Diego Della Valle said: “Sales data for the first quarter of 2023 confirm the excellent performance of our Group: all brands recorded solid double digit growth in revenues.

“Results were outstanding for Tod’s and Roger Vivier, with excellent feedback in all product categories, confirming our customers’ ever-increasing appreciation for the very high quality of our products, their craftsmanship and their Italian lifestyle.”

During the first three months of FY23, the sales in the Greater China region were reported as the highest, with a 29.2% growth from €68.5m ($74.86m) in Q1 FY22 to €88.6m ($96.82m).

Italy, Europe and the Americas followed it with €59.9m ($65.46m), €57.3m ($62.62m) and €16.7m ($18.25m) quarterly sales in FY23, respectively.

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The sales reported from other regions during this period were up 32.8% to €48m ($52.46m).

According to the company, this growth in the local and European markets can be attributed to increased demand and tourist purchases, mainly the infra-European, US and Middle Eastern clients.

Della Valle added: “All geographic areas are growing. The Group recorded excellent results in both the Italian and the European markets, thanks to both solid local demand and tourists’ purchases.

“The contribution of the Chinese market, where our Group is present with an important network of stores, was very important, with the return to excellent growth rates following the lifting of the Covid restrictions.

“The macro-economic environment remains unpredictable; but considering the good sales trends we experienced in April and the excellent orders’ backlog for the winter collections, I’m confident about the Group’s future results.”

For the full FY22, Tod’s recorded consolidated sales of €1.007bn ($1.10bn).