Gismondi 1754, a jewelry company listed on Euronext Growth Milan, voluntarily disclosed its consolidated operating results for the fourth quarter of 2024. In the fourth quarter of 2024, the Genoese brand reported consolidated operating revenues of 2.3 million euros, down 37% compared to the fourth quarter of 2023. The slowdown, explains a company press release, is mainly attributable to a contraction in sales in the Wholesale USA, Wholesale Europe and Special Sales channels. Going against the trend, with a positive performance, are the Portofino store, with an increase of more than 100%, and the St. Moritz store which, despite a 5% decline in the quarter, reported an increase of 15% on an annual basis, indicating a positive sign of an increase in the influx of luxury tourism and prestige buyers.
Sales increases also in other emerging countries, in addition to Japan. From an analysis of the overall turnover data by sales channel, the Wholesale channel has an incidence of 43% of sales. The Retail channel shows an increase in the incidence on sales, going from 21% at 31 December 2023, to 25% recorded at 31 December 2024. The Franchising channel has an incidence on sales of 7% at 31 December 2024 which, although recording a slight decrease compared to the incidence of 10% at 31 December 2023, maintains a good level of sales in Prague equal to 897,948. The turnover of the Italy and Other countries area is growing, which, at 31 December 2024, together represent 69% of total revenues, while the incidence of turnover of the USA area is reduced to 10%.
Despite the drop in turnover recorded in the fourth quarter, we face this phase with serenity and confidence. This result reflects the typical dynamics of our market niche, characterized by high-end, tailor-made jewelry and exclusive craftsmanship. However, it is important to underline that our decline is lower than the average of the sector in which we are positioned, a fact that confirms the solidity of our positioning. We have also undertaken a path of cost rationalization, convinced that it will bring concrete benefits starting from 2025. We are cautiously positive for the future also thanks to the new collaborations in the Far East countries, which represent an important growth opportunity for us. Massimo Gismondi, CEO of Gismondi 1754
