Sales at Italian fashion group Tod’s rose by 17 percent in the first half of the year, broadly in line with market expectations, despite a COVID-driven slump in China in the second quarter.

Revenues totalled 467.5 million euros ($464.70 million) in the six months to June, pushed by Europe and Americas, while they fell by 19 percent in Greater China at constant exchange rates due to COVID-19 restrictions, the company said on Wednesday.

Operating profit rebounded to 17.7 million euros from a 2.7 million euros loss an year earlier.

Analysts had expected 464 million euros in sales and a 9 million euros EBIT, according to a Refintiv consensus.

“Revenues returned to values higher than those of 2019″, founder and main shareholder Diego Della Valle said in a statement, adding the group would focus on distribution network efficiency and on digital “with the aim of increasing like-for-like and higher-margin turnover”.

Last month Tod’s founding family said it would take the group private to try to revive its fortunes by sparing the company the short-term scrutiny of the market and by managing its diverse brands separately.

In addition to the eponymous brand famous for its Gommino loafers, Tod’s also owns the Fay and Hogan labels, as well as the high-end shoemaker Roger Vivier.

It launched a new strategy in late 2017 to revamp its brands and appeal to younger consumers, but the pandemic hampered its efforts. Group sales bounced back last year, marking the first increase after five years of consecutive declines.

The buyout bid is the latest attempt to relaunch a company that, like other Italian brands that built their name on craftsmanship, has struggled to keep up with rivals and appeal to younger luxury shoppers in recent years.

By Claudia Cristoferi; Editing by Federico Maccioni and Keith Weir

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The Della Valle brothers said in a statement their holding company would pay €40 for each Tod’s Group share, valuing the company at €1.32 billion.