High end stationery company Moleskine has seen its overall sales and growth recover in Q2 despite experiencing a shaky start to 2019.
Despite experiencing a decline of 18% during the first quarter of the year, Moleskine has returned to growth during Q2 as reported by OPI.
Heading into the first six months of the current calendar year, Moleskine’s sales reached €71.1 million (approx. £64.3 million), leading to a year-on-year constant currency decline of 5.2%.
However, revenue for the company has since grown in the second quarter of the year, after experiencing a drop of 18% in Q1 which was said to be due to Moleskine taking in exceptionally large B2B orders during the first quarter of 2018.
During the first half of the year, Moleskine’s operating profit stood at €2.7 million (approx. £2.4 million), resulting in the company seeing a year-on-year decline of nearly 50% due in part to the top-line level decrease.
Moleskine’s overall performance was on the rapid increase towards the end of the reporting period however, as the company were able to finalise an operating result of €5.5 million (approx. £4.9 million) during the month of June.
Acquisition of Edo.io
In an effort to expand their current product and service portfolio whilst making a growth recovery, Moleskine acquired Edo.io in May this year.
Edo.io, known as one of the start-ups from Moleskine’s Open Innovation programme, is based in Italy and is in an international market that Moleskine has become comfortable operating in since its initial formation.
The start-up is also responsible for creating the Edo Agenda, a digital planner service which has been produced to help aid user productivity and promote greater creativity.
Talking further on the vision imagined for their digital agenda application, the CEO of Edo.io, Eduardo Festa, explained back in June (source in Italian):
“When we started this journey, we wanted to show that, even in Italy, it is possible to create a digital company from scratch with an important impact on millions of people.
We wanted the software we created to carry with it the Italian cultural and aesthetic heritage recognised worldwide in the field of art and industrial design.”
“Today we have taken an important step forward in this direction, joining forces with one of the most famous brands in the world for design and is own cultural imprint.
We also believe that this is a positive and encouraging sign for the entire Italian digital ecosystem, as an international company joins forces with an all-Italian startup to compete globally.”
Expectations for Moleskine Growth During Remainder of 2019
The overall outlook for the remainder of the year for Moleskine is said to continue to be a positive one.
The company says it is expecting to see some further growth in its sales and profit, relying on factors such as mid-single-digit revenue growth in their Wholesale channel, improvement in their top-line for their B2B channel and a seasonal uplift expected in their Retail and E-Commerce segments of the business.