The Italian shoemaker, which also owns Roger Vivier, Hogan and Fay, announced on Wednesday its sales in the first half of 2021 increased 55 percent compared to the same period last year, totalling €398 million ($470.6 million), but is still down 11 percent relative to pre-pandemic times.

The uptick was led by strong recovery in the Greater China market, where Tod’s sales increased more than 43 percent since 2019. Meanwhile, “the areas penalised by the absence of tourists are still weak,” Diego Della Valle, chairman and chief executive, said in a statement. Tod’s direct-to-consumer sales also fell compared to 2019 levels, dipping 6.7 percent on a two-year basis. Ebitda, or earnings before income, taxes, depreciation and amortisation, in the first half of 2021 totalled €65 million ($76.8 million), compared with an operating loss of €18.7 million ($22 million) in the first half of 2020.

Shares fell nearly 3 percent following Wednesday’s announcement.

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