Tod’s has released its half-year report, showing an operating loss for the brand as a result of the pandemic. Group sales were €256.9 million, down 43.5% from the first half of 2019.

The Italian luxury group said closures and pauses at manufacturing sites are expected to affect the entire year’s results, even though there have been signs of recovery in China.

“The second quarter was worse than the first one, since almost all the stores were closed for most of the period,” Tod’s founder Diego Della Valle said.

And although Mr Della Valle said that recent weeks have shown “encouraging signs of recovery”, the group expects to report an operating loss for this year and next.

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