Teddy

Growing inHeadwinds

There is a simple truth that gives meaning to our work and that our founder, Vittorio Tadei, used to repeat like a mantra: man is born naked and dies clothed. The fashion market, no matter how much it may shrink or go through difficult years, remains fundamental to society. As long as there are people, there will be a need to dress them. The real question is not whether there will be space, but whether we will be able to win that little piece of the wardrobe that belongs to everyone, and therefore to us as well.

We won our 2025 by traveling against the wind. For the first time, we exceeded 800 million euros in consolidated turnover, growing by 9% in a year in which the fashion market contracted for the second consecutive time. We did it against the wind, amidst new customs barriers, geopolitical tensions affecting every node of our supply chain, from the Far East to North Africa, from the Middle East to Europe, and shrinking consumer spending. Yet, our community of customers, partners, and collaborators moved in the opposite direction. This is the first great sign of this company's vitality: you cannot just wish for growth, you need someone to embrace it. We need customers who walk into our stores and trust the product we offer. And those customers came through once again this year.

Alessandro Bracci
Alessandro BracciPresident and CEO of the Teddy Group
The Numbers of 2025

Consolidated net turnover

Estimated global retail value

Stores

Our people

M€

+9.16% compared to 2024

Calculated at retail prices, VAT included

of which 566 are franchised and 367 are directly operated (DOS)

collaborators within the Teddy community worldwide

Boundless Expansion

A total of
933
mono-brand stores distributed across
44
countries

  • Terranova (562)
  • Calliope (240)
  • Rinascimento (127)
  • QB24 (4)
The Teddy Group has 933 stores across 44 countries.

Our growth is not a matter of chance, but the result of a balanced strategy that brings together two speeds: the warmth of human connection in physical stores and the speed of the digital channel. In 2025, we accelerated our online platforms and expanded our traditional network, putting our logistics and commercial operations to the test. It was a demanding challenge that allowed us to strengthen our competitive position in international markets.

E-commerce sales

net revenues from e-commerce compared to 2024, leading our digital stores to operate steadily across 30 markets and on 11 international marketplaces.

New stores

mono-brand stores inaugurated worldwide during 2025 alone.

Four Brands, One Single Model
Terranova

Terranova

Color your life

Terranova is the young and contemporary fashion brand born in 1988 from the POP spirit of the Rimini Riviera, bringing a free, sunny, and positive energy to the world.

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Rinascimento

Rinascimento

Be yourself with us

Rinascimento is a female brand, chic and rock at the same time, refined and versatile; an expression of femininity that conceals grit and the awareness of being a woman to all effects.

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Calliope

Calliope

Embrace wonder

Calliope wants to inspire people to express their personality, and for this reason, it creates a style based on a search for novelty that always enchants without forgetting its Italian roots.

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QB24

QB24

Just enough to express yourself

The QB24 line was created to accompany men throughout their 24 hours, making them feel at ease in any situation with a look that is always appropriate.

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Behind our ability to grow against the wind is also our different way of being on the market. Since our inception, the development of physical stores has taken place through a consignment franchising formula (franchising in conto vendita): a principle as simple as it is counter-current.

The franchisee who brings one of our brands to their territory only pays for the merchandise actually sold. Our Group, on the other hand, takes on the risk by taking back the unsold items. This formula has proven to be successful because it allows affiliates not to tie up financial resources, relying instead on our expertise and deep knowledge of the sector.

This means that even when the market becomes uncertain and the wind blows against us, those who choose to walk with us can do so with greater peace of mind, free to dedicate themselves entirely to customer relations and the care of their store.

For Teddy, this is not just a financial choice, but a philosophy: growing together, sharing efforts and results. It is this alliance between the solidity of a large group and the energy of those who operate daily on the ground that allows us to hold our course where others are forced to stop.

The heart of our dream

Teddy's dreamis written by people,every day

No company grows alone. The strength that has allowed us to hold our course lies not in data, but in the people who turn it into reality every day. Our ability to go against market trends is a direct reflection of their energy, their dedication, and an ever-expanding global community. And it is rarely a single, major decisive event that makes the difference. Instead, many small things happen: small changes, small steps of taking responsibility that, added together, become a major shift. Every extra garment sold, every additional satisfied customer is a step forward in the right direction. And it is the sum of these actions that makes the difference between a good result and an extraordinary one. To support the evolution and development of our brands, directly operated stores, digital channels, and our entire ecosystem, our family grew in 2025, welcoming new professionals. A large, young (average age 32) and international team with a clear and proud identity: women have historically represented the solid majority of our workforce, bringing sensitivity, competence, and passion to every stage of the value chain. Investing in the future of Teddy means, above all, believing in people's talent: for this reason, the number of collaborators at headquarters and in stores grew harmoniously, accompanying the development of the sales network and the increase in operational volumes. From stylistic design to the logistical management of wholesale, up to the daily relationship in stores, every person is a pillar that makes customers worldwide feel welcomed, part of something that goes beyond a single garment.

People in the world

Italy is the beating heart of the company and hosts 75% of our total collaborators. Europe employs 24% of the team, and 1% is in Asia.

Part of our growth

In 2025, store staff reached 3,078 people, a 10.2% increase compared to the previous year. Each new store opened brought an average of 8.4 people.

Corporate responsibility

Our commitmentto the future

There is a direction that has never changed, no matter the wind: that of our responsibility. Over the years, we have learned that it is not a goal to reach, but a daily journey made of concrete choices and the ability to learn from our mistakes. This is how sustainability moved beyond the boundaries of a single office to become a common language, capable of influencing the decisions we make every day. The year 2025 marked the year of structural consolidation in this journey: we completed the preliminary activities for compliance with the European CSRD (Corporate Sustainability Reporting Directive) and EUDR (European Deforestation Regulation) directives, and continued on the path of traceability, aiming for a detailed view of the entire value chain. At the same time, we prepared for Extended Producer Responsibility (EPR) obligations and the new European Packaging and Packaging Waste Regulation (PPWR), in force from 2026. But behind every goal achieved lies a deeper conviction: we have the responsibility to grow to achieve our Dream while remaining alongside the people who inhabit this planet. This is what makes environmental and social responsibility an integral and indissoluble part of our future development.

  • Growing against the wind also means reducing what we leave behind. For this reason, the progressive reduction of our environmental footprint is at the center of our growth strategies, in line with our Strategic Plan.

    -89%

    Scope 1 and 2 emission

    Absolute reduction compared to the 2019 baseline. Scope 3: -5% annually · Emission intensity: -14%.

    100%

    Renewable electricity

    Headquarters and DOS stores powered by certified energy via Guarantees of Origin (GO) and solar panels.

    20%

    Lower-impact fibers

    Share reached out of the total weight of fibers purchased at the corporate level in 2025.

    70%

    Packaging from recycled sources

    70.02% of the total weight of packaging comes from recycled materials. 100% operational waste recovery.

  • The course we hold also involves those who work alongside us throughout the supply chain. We have developed and implemented a structured program that aligns third-party suppliers with international benchmarks and defines paths for compliance with ethical and safety standards.

    91.28%

    Supply chain social compliance

    Total purchasing volumes from suppliers aligned with the Code of Conduct (rated "A", "B", or "C").

    3,882

    Average annual staff

    A total of 4,094 employees on the payroll at the end of the year distributed across 14 countries.

    26.62

    Hours of training

    Focused on professional skills, inclusion, soft skills, and ESG pillars.

  • From our historical roots in Rimini to international markets, we are committed to giving value back to civil society, supporting educational, social, and cultural projects that focus on people and the development of local communities. Finally, there is a wind that we choose to feed ourselves: that of solidarity. From our roots in Rimini to international markets, we are committed to giving value back to society, supporting educational, social, and cultural projects that put people and local communities at the center.

    >28

    Requests for financial support

    For social impact projects promoted firsthand by collaborators active as volunteers through the "Teddy Supports Who You Care About" (Teddy Sostiene chi ti sta a cuore) grant.

    +10

    Solidarity relations

    Active collaborations with non-profit organizations, including Fondazione Banco Alimentare, Fondazione Cetacea, Aps Portofranco Rimini, Associazione Crescere Insieme, Cooperativa Amici di Gigi, la Capanna di Betlemme, UNICEF, and Cooperativa Sociale Cascina Cantalupo.

    1,429

    Collaborators involved in food drives

    Which allowed for the collection and distribution of a total of 6,613 kg of long-life food (equal to over 13,000 meals) to people in difficulty.

    180

    Hours of volunteering

    On the ground, thanks to 45 colleagues who donated four hours of their working time to local non-profits.