Tod's group should continue to invest behind its brands
Having released FY22 sales late January, Tod's Group will report its FY22 results on March 12th. 2022 sales grew 11% organically, we expect EBIT to almost double to EUR48m, implying a 200bp EBIT margin improvement to 4.8%, a level that remains very low. For 2023, we expect 10% organic sales growthTod's operates in the luxury sector under its proprietary brands (TOD'S, HOGAN and FAY) and licensed brands (ROGERVIVIER). Co. creates, produces and distributes shoes, leather goods and accessories, and apparel. The TOD'S brand is known for shoes and luxury leather goods. The HOGAN brand is known for shoe collections for women, men and children, and also crafts various leather goods items. FAY is a brand with a focus on casual wear. ROGERVIVIER brand includes shoes, handbags, small leather goods, jewelry and sunglasses.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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