Piquadro Group Annual Review 2026
I last wrote of Piquadro Group back in 2024. Which also happened to be my last stock article. To summarize the last article Piquadro Group is an Italian luxury bag goods company behind the brands Piquadro, The Bridge, and Lancel. Piquadro Group had recently acquired Lancel and was in the process of turning the company around like they did with The Bridge. Since my last article Lancel became EBIT positive in FY 2024. And both Lancel and The Bridge continued to grow revenue wise. As of the latest financials which was the nine months ending 12/31/25 both brands continued growth. The namesake brand however has been in decline however but this is mostly explained but the company choosing to prioritize wholesale channels and selling more into DTC Overall the company is still attractively valued and performing strongly.
For all my stock positions I try to chose 3-4 KPI’s to track to make sure the business is going in the right direction. For Piquardro Group I chose
- Revenue
- EBIT per brand
- DOS
- Revenue outside Europe
Piquadro KPI Tracker
| Year | 2024 | 2023 | 2022 |
| Revenue | 183.6M | 180.3M | 175.6M |
| EBIT per Brand | |||
| Piquadro(In Millions) | 9.197 | 12.242 | 10.493 |
| Lancel | 2.388 | -1.391 | -1.894 |
| The Bridge | 4.786 | 3.983 | 3.269 |
| DOS(Sales) | 90M | 85M | 85.3M |
| Revenue outside Europe | 3.2% | 4% | 3.4% |
Note: Author created table. Data from company annual reports
For the positives revenue has continued to climb while all brands are now EBIT positive. Lancel was a recently acquired brand which they were actually paid to take from the prior owners. Now the brand is profitable and growing. DOS Sales or sales from company owned stores is also up. The company is transitioning from wholesale to DTC sales which is also an industry wide trend.
This is partly why the Piquadro brand had a decline in EBIT and also revenue. Per the report ending March 2025 sales in DTC increased but Wholesale showed a large decline. “Sales showed an increase of 0.9% (+1.1% at constant exchange rates) in the DOS channel and of 2.2% in the e-commerce channel. Sales showed a decrease of (4.5)% in the Wholesale channel” this has continued into the first 9 months of 2025 as management reported “(5.1)% decrease compared to the same period ended on 31 December 2024 The DOS channel recorded an increase of 5.3% (+3.9% on a like for like basis), while e-commerce channel recorded an increase of 47.8%. The wholesales channel recorded a decrease of (17.4)%”. Piquadro has a lot of wholesale revenue so this strategy which will probably be good in the long run may hurt the brands revenue and EBIT in the short run. I also suspect that the transition to more DTC revenue is hurting revenue outside of Europe as the company has less DTC presence outside of Europe.
Overall the company continues to perform well especially considering the new strategy. Since my purchase the stock is up 25% the company is still trading at roughly a 10 times EV/EBIT and with the addition of Lancel a true prestigious luxury brand. I’m betting that the company is still a great asset to own especially with the extra proof that the owners are good at turning around purchased brands. I will continue to hold and add to the stock.
