Results in line for the Gismondi 1754 group. In 2023 the jewelry company achieved overall revenues of 14 million euros, the same result as the previous year, which was particularly positive. Since its listing on the Euronext Growth Milan stock exchange in 2019, the Genoese company had a turnover of 5.69 million euros. In short, the increase was notable. 2023 was a two-speed year: sales in the fourth quarter of 2023 were 3.7 million, with a decrease of 15%, compared to the corresponding period of 2022. A decrease of 637,733 euros), explains the company, is mainly attributable to a contraction in sales on Wholesale Europe in the fourth quarter and in special sales in the fourth quarter which instead performed well in previous quarters. Which is also roughly the trend of the entire jewelry sector.
Wholesale European sales on an annual basis showed growth of 29%, going from 3 million euros to almost 4 million. In the USA, sales increased from 1.8 million to 2.2, an increase of 18%. A positive signal comes from the Doha franchise, inaugurated on 21 December 2023, which recorded sales of 463,714 euros. The company also purchased Vendorafa and Hyperion Lab last year.
2023 essentially confirms the excellent result of the previous year in a difficult general scenario. The already unstable geopolitical situation has worsened with the Hamas-Israel conflict and recent developments in the Red Sea. We have also seen a counterbalance of what many analysts have called Revenge Shopping, that is, the optimism that has led to an exciting post-pandemic purchasing spree. Although we have not repeated the increase in turnover of recent years, I consider 2023 as a fundamental year in the development of our Group. An importance given by the preparation of fertile ground to look to the future with confidence and solidity. The purchase of the Vendorafa brand, the Hyperion Lab factory and the opening of our franchise in Doha are in fact all brilliant flashes that illuminate our path. Positive signs that we are also seeing in recent days in the interest shown at VicenzaOro for our two brands Gismondi 1754 and Vendorafa.
Massimo Gismondi, CEO of Gismondi 1754
