The global economic downturn is impacting the second quarter of 2025 for Gismondi 1754. The Genoese jewelry house, listed on the Euronext Growth Milan exchange, reported a 40% decline in revenue compared to the second quarter of last year. This negative result, according to a company press release, is the direct result of the slowdown in international wholesale. Gismondi’s strategy, therefore, is to focus on directly controlled channels and high-margin segments.
The luxury and jewelry sector, the company explains, experienced a slowdown in the second quarter of 2025 compared to the sustained growth rates of recent years. Macroeconomic factors, such as geopolitical uncertainty and the effect of tariffs, interest rate trends, declining consumption in Europe and North America, and increasing selectivity in the retail channel, have negatively impacted the entire sector. Against this backdrop, Gismondi 1754 closed the second quarter of 2025 with revenues of €1.6 million, compared to €2.7 million in the second quarter of 2024. The decline was largely driven by performance in the wholesale channel, particularly in key markets such as the United States, Europe, and other countries. This was compounded by the closure of the Rome boutique. Conversely, directly operated stores, with the exception of Portofino, the Prague franchise, and specialty stores, maintained levels in line with the previous year, confirming the resilience of channels with higher margins and direct control.
The global environment continues to be challenging for the luxury sector, with a slowdown especially in Western markets. The decline in wholesale was partly expected and reflects our strategic decision to consolidate our direct presence in the United States, a necessary step, but one that will not yield immediate results. At the same time, we continue to expand into new markets, particularly in Asia, where initial signs are encouraging. We are facing this period with determination, knowing that the choices we make today will make us stronger tomorrow.
Massimo Gismondi, CEO of Gismondi 1754
