Tous, the renowned Spanish jewellery company with a century-long history, has achieved a remarkable milestone in 2022 by generating a turnover of 450 million euros. This outstanding achievement represents a growth of 17% compared to the previous year and an impressive 14% increase compared to 2019. These figures clearly demonstrate Tous’ ability to overcome the challenging circumstances faced during the pandemic and surpass its pre-pandemic figures.
Not only did Tous experience a surge in turnover, but its Ebitda also witnessed substantial growth, escalating by 26% to reach 101 million euros. Additionally, the company’s net profit soared by an astonishing 60% and amounted to 35.7 million euros. Tous’ CEO, Carlos Soler-Duffo, expressed immense satisfaction with the company’s accomplishments. He stated, “2022 has been a record-breaking year for Tous in every aspect. Despite the complex and ever-changing socio-economic environment, we have boldly presented our new brand identity, which has been exceptionally well-received. We have also made significant investments that have positioned us favorably to continue building a promising future.”
However, Tous did face challenges due to the war in Ukraine and the cessation of operations in Russia, resulting in a loss of 7 million euros. Consequently, the brand found it necessary to close seven shops in the country and transfer 49 to its local partners. Nevertheless, Tous concluded 2022 with a global retail network of 643 shops across 46 countries, although this did signify a reduction of 62 shops compared to the previous year.
The online sales channel held particular significance for Tous, contributing to 21% of the company’s overall sales in 2022. Tous’ product portfolio predominantly consists of jewellery, constituting 70% of total sales, followed by accessories at 20% and watchmaking at 10%.
Tous credits a portion of its success to an extensive rebranding initiative launched in September of the preceding year. This comprehensive endeavor encompassed the introduction of a new logo, image, and positioning, requiring an investment of nearly 30 million euros. Tous has also invested in the revitalization of its physical stores and online shop. Consequently, approximately 200 establishments within the brand’s retail network now exhibit a fresh and contemporary appearance, including flagship stores located on Barcelona’s Rambla Catalunya and Madrid’s Calle Serrano. Carlos Soler-Duffo stressed that Tous’ main focus for the current year will be maintaining the remodeling efforts across its stores.
Spain continues to serve as Tous’ largest market, closely followed by Mexico, the United States, Poland, and Portugal. The company, partially owned by the Swiss fund Partners Group and controlled by the Tous family, boasts a workforce of 4,000 individuals and is headquartered in Manresa, Barcelona.
In conclusion, Tous has showcased exemplary growth and resilience in the face of adversity, firmly positioning itself as a prominent player within the global jewellery industry. With its record-breaking turnover and successful rebranding strategy, Tous is poised to continue its upward trajectory and build a promising future in the years to come.
Sources:
Bloomberg
Retail Dive
