Italian leather goods group Piquadro, which owns renowned brands such as Piquadro, The Bridge, and Lancel, achieved substantial revenue growth in the first quarter of the fiscal year 2022-23. The company generated €32 million in revenue during this period, representing an impressive 47.2% increase compared to the previous fiscal year. Piquadro’s flagship brand, Piquadro, contributed €11.8 million to the quarterly revenue, a remarkable 36.4% surge from the same quarter in the previous year.

The notable growth in Piquadro’s revenue was observed across all sales channels. Wholesale revenue experienced a 23.1% increase, directly operated stores saw an outstanding growth of 59.7%, and the e-commerce channel witnessed a substantial rise of 21%.

The Bridge, an esteemed Tuscan leather goods brand that Piquadro acquired an 80% stake in 2016 and assumed full control of this year, achieved a revenue of €5.6 million in Q1. This impressive figure marks a significant 52.3% increase compared to the same period in 2021. The brand achieved growth in all its channels, with the wholesale channel witnessing an impressive increase of 55%, direct retail soaring by 53.3%, and e-commerce experiencing a notable rise of 27.1%.

Lancel, a renowned French brand acquired by Piquadro from luxury company Richemont in 2018, generated an impressive revenue of €14.6 million in Q1 2022-23. This translates to a remarkable growth of 55.1% compared to the same quarter in the previous year. Lancel’s wholesale revenue increased by 18.4%, and its own monobrand stores achieved an exceptional growth of 87.1%.

Geographically, Piquadro’s revenue from the Italian domestic market amounted to approximately €12.4 million, accounting for 38.7% of the group’s total revenue. This represents an impressive 38.3% increase compared to the same period in the previous year. In the rest of Europe, the group generated a substantial revenue of approximately €18.9 million, which accounted for 58.9% of its consolidated revenue and saw an outstanding hike of 59.7% compared to the previous year. Revenue from outside of Europe stood at €0.7 million, making up 2.4% of the consolidated total.

Marco Palmieri, the president and CEO of the Piquadro group, expressed his satisfaction with the first quarter’s results. He highlighted the significant growth achieved across all three brands and emphasized the positive impact of the strategies implemented. Palmieri attributed the revenue growth to the renewed desire of consumers to shop in stores, particularly in directly operated stores and the wholesale channel.

Founded in 1987 by Marco Palmieri, the Piquadro group has its headquarters in Bologna, Italy. With a presence in over 50 countries worldwide and operating 180 monobrand stores, the group’s consolidated revenue amounted to €149.4 million in fiscal year 2021-22. Piquadro has been listed on the Milan stock exchange since October 2007.

Useful Links:
1. Piquadro Official Website
2. The Bridge Official Website