In local currencies, theTod's group’s turnover grew by 20.1 percent to €$505.4 million in 2005, with growth for every aspect of its business. The Tod’s brand, the group’s largest, saw its sales rise by 21.2 percent in constant currencies, while Hogan and Fay had increases of 23.5 and 12.3 percent, respectively. In addition to revenues of €126.1 million for Hogan and €77.1 million for Fay, the Tod’s group had revenues of €11.3 million from license agreements or production deals, up by 13.4 percent from the previous year. Sales to franchised retailers and other third parties rose by 21.4 percent in local currencies. The turnover generated by directly operated stores was up by 18.6 percent in constant currencies and by 13.6 percent on a same-store basis, representing 51.5 percent of the total revenues. Same-store growth accelerated strongly in the 4th quarter from the 12 percent growth level recorded in the first nine months of the year.