More investments and a little less profits for Gismondi 1754, which has announced its 2023 budget results. The Genoese company, listed on the Euronext Growth Milan of the Italian Stock Exchange, last year purchased Vendorafa and Hyperion Lab, as well as having a five-year franchising agreement was signed (with the option of renewal between the parties upon expiry) with the Al Mana family (Qatar) for the distribution of the Italian brand’s jewels in the Gulf area: operations which are reflected in the economic result. In addition to having approved the financial statements, the board of directors decided to propose to the shareholders’ meeting changes to the regulation of the Gismondi 1754 Warrants, scheduled to expire in 2024 and extended to 2026, with a new price and the objective of allowing «holders of the Warrants a longer time for exercise”. The effect is also to extend the subscription deadline for the necessary capital increase, with clear financial benefit for the company.
Despite the continuation of the state of socioeconomic uncertainty – determined by the wars and the Chinese crisis and despite the end of the revenge shopping effect which positively influenced the 2021/2022 turnover – I am very satisfied with the results achieved, as the company has demonstrated readiness and flexibility in facing the negative scenario that has affected the entire luxury segment. Even with the right prudence, I am confident in the future because the actions taken for total control of the supply chain, thanks to the acquisition of Hyperionlab, will allow us to expand our business with greater profits.
Massimo Gismondi, CEO of Gismondi 1754
In summary, Gismondi 1754 shows a production value of 14.5 million for 2023, a decrease of 4%. Consolidated Ebitda (gross profit) decreased from 20% in 2022 (3 million) to 7% in 2023 (970,493). As a result, net profit also decreased to 35,335 compared to 1.6 million in 2022. For 2024 the company expects the development of the high range and strengthening of the new Vendorafa collections, together with rationalization and cost optimization of the network of directly managed stores and a boost from the opening of the first franchise store in Doha.
