Press release

2022 H1 Results

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All-time H1 sales record driven by strong momentum in Europe and Americas Substantial adjusted EBIT growth

  • H1 2022 Sales at €565.4m, up +21.4% vs. LY on an organic(1) basis, fully driven by LFL(2) growth of +24.5%, despite the significant impact of Covid restrictions in APAC
  • Strong performance in Europe, driven by local demand and progressive recovery of tourism, supported by an excellent Q2 exceeding 2019 level
  • Substantial growth in Americas, both vs. 2021 (+28.1%(1)) and 2019 (+16.3%(1))
  • APAC performance strongly impacted by Covid restrictions (incl. the complete shutdown of our brick-and-mortar and digital warehouses)
  • Substantial adjusted EBIT growth of +76%, reaching €45m (8.0% of sales) vs. €26m in H1 2021 (5.7% of sales); Net Income up sharply, reaching €20.7m
  • Healthy financial structure with a continued effort in decreasing the leverage ratio(3), from 2.5x at year-end 2021, to 2.1x adjusted EBITDA
  • Strategic plan well executed, including:
    – Increased brand desirability with successful pricing power and local marketing strategies
    – Full price strategy continuation with discount rate down by -6 pp vs. H1 2021,
    – Normalization of digital penetration, reaching 22%
  • 2022 Full-Year guidance confirmed



(1) Organic growth | All references in this document to the “organic sales performance” refer to the performance of the Group at constant currency and scope, excl. Suite 341 related sales (end of format)
(2) Like-for-like
(3) Net Debt / adjusted EBITDA excluding IFRS 16