Full report available at: https://our2024.teddy.it/

Rimini, June 30, 2025 – Teddy Group, a leading international player in the fashion industry, posted positive economic and financial results for 2024, despite a challenging year for the fashion market in Italy and globally, characterized by mixed performances.

In 2024, clothing consumption in Italy grew slightly by 1.1% (source: Confimprese-Jakala Observatory), while the fashion sector’s revenue contracted by -5.3%.

Against this backdrop, Teddy Group continued investing in brand development (Terranova, Calliope, Rinascimento, QB24), both by expanding its retail network — 859 stores in 2024, up from 841 in 2022 — and by focusing on e-commerce, digital innovation, and omnichannel experiences that ensure consistent and satisfying customer journeys. Online operations reached 30 markets, including 9 marketplaces.

2024 also marked the launch of the Group’s Purpose:
“Dressing  the world with beauty and a welcoming approach, fostering personal fulfillment.”
This reflects Teddy’s deep-rooted identity and corporate culture, in line with the founding “Dream” of Vittorio Tadei — the inspiration behind everything the company stands for.

Thanks to a solid business model, genuine long-term relationships (14 new franchisees joined in 2024), and an accessible product offering aligned with consumer needs, Teddy Group’s consolidated net revenue reached €735.1 million, growing by +7.5% compared to €683.8 million in 2023.

Note: The adoption of new accounting standard OIC 34 (effective from January 1, 2024) had a slight negative impact; results would have been even higher without it.

The Group’s performance confirms its ability to generate sustainable value even in complex scenarios.

Domestic revenue rose significantly to €477.1 million (+13% vs 2023)

International consolidated revenue reached €258 million (-1.8% vs 2023)

Including gross margins from affiliate and multi-brand partners, total retail sales (incl. VAT) for all brands and channels are estimated at €1.18 billion.

CEO Alessandro Bracci commented:

“Our brands' strength and our business model’s effectiveness, together with solid financials, have enabled us to resume a clear growth path in a tough environment. We’re beginning to see the results of our sustained investments in retail and digital.”

“Teddy was born from a Dream — Vittorio Tadei’s dream — to create a company with a deeper purpose. That Dream still defines who we are and fuels our entrepreneurial project. It has earned us significant recognition, like Deloitte’s Best Managed Company award, which we’ve received annually since 2022. This is proof of our ongoing commitment to sound management, innovation, sustainable growth, and the value we place on our people and culture.”

Group Adjusted EBITDA (currency effects included) was €45.5 million, representing 6.2% of consolidated net revenue — a 3.8% decrease from 2023.
Profitability was impacted by a 70% rise in transport costs (+€23.7 million), driven by the Middle East conflict and investments in digital channel growth.

By the end of 2024, Teddy employed 3,720 people, 71% of whom are based in Italy. The workforce grew by 256 people (+6.8%), with an average age of 32 and 68.5% women.

Sustainability and Social Commitment
Sustainability efforts, aligned with the founder’s original Dream, advanced significantly in 2024, in line with the 2021–2025 Strategic Sustainability Plan:

Increased use of recycled, organic, and certified materials across collections.

Ongoing collaboration with stakeholders to improve environmental, social, and economic practices throughout the supply chain.

Social and environmental initiatives were consolidated:

Supply chain controls improved to meet international standards (OECD, ILO, UNGPs).

Primary impact data (energy, chemicals, water, waste) collected and monitored via the “Global Environmental Program” and the “ZDHC Brand To Zero” protocol.

Data integration efforts strengthened for future CSRD-compliant sustainability reporting.

Corporate citizenship: €463,000 in social support, including employee-led volunteering programs.

Investments in 2024 totaled €27.4 million, up from €25.3 million in 2023 (+€2.1 million).
Net Financial Position (NFP) was positive at €27.3 million, a significant improvement over the previous year’s €3.7 million — a cash generation of €23.6 million.

Outlook
Global economic growth remains subject to uncertainty. However, the positive sales trend in early 2025, Teddy’s financial strength, execution of strategic plans, and continued brand investments support a cautiously optimistic outlook for another positive year in 2025.

TEDDY GROUP

Teddy Group is an international fashion company born with a clear ambition: to dress the world with beauty and a welcoming approach, fostering the personal fulfillment of those who wear, design, sell, or choose its garments. With consolidated revenues exceeding €735 million (2024 data) and a presence in over 80 countries through the brands Terranova, Calliope, Rinascimento, and QB24, Teddy promotes an idea of fashion that is accessible and inclusive, aiming to enhance each person’s identity and journey.

Founded in Rimini in 1961, the company has followed for over sixty years a business model inspired by the dream of its founder, Vittorio Tadei: “to build a great company that earns a lot in order to create jobs and allocate part of the profits to social initiatives, in Italy and around the world.” 

Today, that dream lives on in a purpose that guides every decision: to create collections, environments, and relationships that express authentic beauty and tangible welcome, generating sustainable value for people and the communities where the Group operates.