Gismondi 1754 beats the covid-19. This is what emerges from the figures for the second half of 2020, which show an overall growth in revenues of 6% compared to the same period of 2019 and in a positive countertrend compared to the performance of the reference market. The high-end jewelry company, which is listed on the Aim list of Borsa Italiana, in fact, surprises with the result a consolidated turnover for the period April-June of 1.6 million euros, compared to 1.7 in the same period of 2019: a reduction considered physiological compared to the “particular historical phase” caused by the pandemic, which led to the forced closure of direct and non-direct stores, and a sharp drop in the American market.
In the second quarter of the year, says a press release, Gismondi has always maintained its operations and has launched and accelerated digital forms of connection with the customer, also launching its own e-commerce channel and laying the foundations for gathering feedback also from online sales and new forms of “tailor-made sales”. Proof of this is the excellent performance for the new Wholesale channels in Europe and the Middle East, with a significant increase in revenues for both areas, and the Special Sales which, despite the impossibility of directly showing the product to the customer, in the first half of 2020 overall they increased their impact on turnover, going from 49% in the first half of 2019 to 58% in the first six months of this year.
The significant growth in sales of some direct stores and the good performance of the European and Middle-Eastern Wholesale channel, offset the slowdown in the US Wholesale channel, influenced by the momentary closure in the quarter of observation of the Neiman Marcus stores. In the Retail channel, there is a very strong growth for the stores in Genoa and S. Moritz, with sales more than doubled in both stores compared to the second quarter of 2019. Precisely because of the excellent response of the winter season, the store di S. Moritz will also remain open for the summer season, to take advantage of the location’s high-level tourist force. Revenue from the Milan stores inside the Baglioni Hotel, still closed, in Portofino, which has reopened only a few weeks ago, and the Prague franchise, which, however, since the post reopening lockdown in June, he recovered very well. The Special Sales channel remains slightly below the figure for the same quarter in 2019, but growing in comparison between the data of the first half of 2020 compared to 2019.
Overall, in the first half of 2020 the revenues of Gismondi 1754 instead showed an increase of 6% compared to the same period of 2019. The result, in fact, grew to 2.3 million (2.2 in the first half of 2019), supported by the strong growth in revenues in the first quarter of 2020, 57% higher than in the first quarter of 2019 (465,269 euros), and by the continuous operation of the company on the market even in the most critical months of the pandemic.
Globally, the months of April and May were the most complex. The good performances of the first part of the year and the continuity in the business that we have been able to offer even during the lockdown, lead us to close the half year in any case in revenue growth, with a very positive result, also because in contrast with the average in our sector that, in this historical moment, is losing about 30%. The start of the second half is then starting to send us very good feedback from some direct retailers such as Genoa, from the Prague franchise and, above all, we begin to generate the first substantial sales from the e-commerce channel, launched in May and already operational on the site. and from the social pages of Gismondi 1754. The digital channel will concentrate further efforts of the Company as the change in customer buying habits determined by Covid-19 has moved many buyers to online. We are ready to take this opportunity without distorting our sensitivity towards personal relationships and maximum attention towards our customers.
Massimo Gismondi, CEO of Gismondi 1754
