Gismondi 1754 continues its policy of transparency and voluntarily discloses its consolidated management results of sales for the third quarter. In the third quarter, the Genoese Maison listed on the Euronext Growth Milan list, sold jewelry for 2.6 million euros, up +8% compared to the third quarter of 2023. The overall consolidated sales results for the first nine months thus bring sales to 9.6 million, down 6% compared to the corresponding period of 2023. The result is due to the drop in sales in the second quarter of 2024.
Revenues for the July-September period were supported by the increase in sales of the Wholesale Europe channel (an increase of over 100% compared to 2023), by the opening to the new eastern market of Hong Kong, by the growth of the Prague Franchising (an increase of over 100%) and of the stores, which overall showed a better performance (+44%) while sales of Special Sales were down. The incidence of the retail channel is growing, which in the first nine months of 2024 is equal to 39%, compared to 17% in the same period of the previous year, and the incidence of the Wholesale channel, which goes from 40% at 30 September 2023 to 48% at 30 September 2024.
Given the persistence of the current geopolitical situation, which slows the propensity to spend especially in the luxury sector, I am comforted by the sales result, substantially stable compared to last year. In such an uncertain market, our recent opening of the Pacific market (Tokyo, Ginza), is aimed at intercepting the growth of purchases in that area which is expected to be in contrast with the rest of the world by many analysts and I also believe that the opening of the new shop in shop at Sacks NY, and the organizational restructuring being implemented in the USA, allow us to carefully and confidently observe the recovery of consumption in the American market starting from the second half of November, as estimated by several analysts, following the appointment of the new American President. Massimo Gismondi, CEO of Gismondi 1754
