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Monday, 05 February 2024

Gismondi 1754: a 2023 to match 2022

Gismondi 1754: a 2023 to match 2022

In January 2024, Gismondi 1754, the Genovese group whose jewelry brands include the house brand Gismondi 1754 and the iconic Valenza company Vendorafa, announced its consolidated sales results for the fourth quarter of 2023, confirming the numbers already achieved in 2022 and the company’s consequent stability, despite the difficulties in the haute joaillerie sector and the troubling international geopolitical situation.

The total consolidated sales for the fourth quarter, amounting to €3,756,865, give a total annual revenue of €14,031,471 for 2023, which closed with a result substantially unchanged compared to 2022 (€14,031,687). A year of confirmation that maintains the large increase since becoming listed on the Stock Exchange in 2019, when the company achieved a turnover of EUR 5.69 million. Since the IPO to date, growth in terms of turnover has registered over 147% thanks to a precise strategy of a geographical extension, differentiated by sales channel, and timely acquisition choices (Vendorafa and Hyperion Lab).

An analysis of the overall data for the sales channels shows that, despite a downturn, the Saint Moritz shop still maintained significant sales, dropping from €1,085,483 to €849,170 as at 31 December 2023. As for the Portofino shop, despite a reduction, sales remained strong, falling from €1,321,297 to €983,188 as at 31 December 2023. The shop in Rome recorded a sales growth of 63%, increasing from €178,573 to €291,385 as at 31 December 2023. Lastly, sales in the Milan shop increased by 75%, from €11,729 to €20,525 as at 31 December 2023. Analyzing revenues by geographic area, sales in the USA area increased, accounting for 40% of revenues as at 31 December 2023, compared to 24% in the same period of 2022, while there were no significant changes in the incidence of other countries.

Massimo Gismondi, CEO of Gismondi 1754, commented: «2023 basically 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 the recent developments in the Red Sea. We also witnessed a counterbalance of what many analysts have called Revenge Shopping, in other words, the optimism that led to an enthusiastic post-Pandemic shopping spree. Although we have not yet repeated the revenue growth of recent years, I see 2023 as a pivotal year in the development of our Group. An importance given by preparing 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 bright lights that are illuminating our path. Positive signs that we also saw recently in the interest shown at VicenzaOro for our two brands, Gismondi 1754 and Vendorafa.»

Antonella Reina, Editor VO+

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