Italian leather goods group Piquadro has cut its losses significantly in fiscal 2022-23, closing the first half with a loss of €0.1 million, compared to the €1.4 million loss recorded in the same period the previous year.

The group's revenue was €80.2 million, up by 26% over H1 2021-22. EBITDA was €10.2 million, an increase of approximately €1.7 million over the figure recorded as of September 30, 2021.

Revenue for the group’s Piquadro brand was €35.3 million, up by 24.8%. The Bridge brand generated a revenue of €14.9 million, up 34.3%, while Lancel generated a revenue of €30 million, equivalent to a 23.5% increase.

Piquadro stated it will continue to grow and plans to reach profitability levels higher than in previous years.

“The results for the first six months of the year are extremely positive,” said Marco Palmieri, president and CEO of the Piquadro group.

“Our revenue is growing significantly for all of the group's three brands, and across all distribution channels. We are expecting to close fiscal 2022-23 with a consolidated revenue between €170 million and €175 million, and adjusted EBITDA of approximately €15 million,” he added.