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By
Reuters
Published
Jan 27, 2010
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Tod's posts growth in 2009 sales

By
Reuters
Published
Jan 27, 2010

MILAN, Jan 27 (Reuters) - Italian designer shoe and bag maker Tod's (TOD.MI) reported an increase in 2009 sales, showing that it was one of only a few luxury goods companies to see any growth during the global financial crisis.


Tod's

Chairman and Chief Executive Diego Della Valle said in a statement on Wednesday 27 January he was very happy with the results "which will reflect positively on expected profitability." He did not comment on the year ahead.

Della Valle has previously said he expected to close 2009 "very well" and did not rule out Tod's outperforming the shoe market in the next few years.

Tod's, best known for its soft-pebbled loafers and luxury handbags, said in preliminary data that sales in 2009 were 713.1 million euros. Sales at constant exchange rates were in line with the previous year at 707.9 million euros.

Tod's, along with France's Hermes (HRMS.PA) and Louis Vuitton (LVMH.PA), is among few fashion and leather goods brands to have shown resistance to the luxury spending slump, partly because shoppers consider its timeless styles good value for money.

Switzerland's Richemont (CFR.VX), the group behind Cartier watches and Chloe handbags, last week added to signs that shoppers are again splurging on pricey treats when it posted forecast-beating sales over the Christmas period.

The world's largest watchmaker, Swatch Group (UHR.VX), said it expects stronger demand for its timepieces to boost profitability this year, another sign the watch industry is recovering from a deep slump. (Editing Bernard Orr)

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