Tous's profits are down 10% despite exceeding €500 million in sales for the first time.
The Catalan jewelry company attributes the drop in profits to the effects of currency exchange.
BarcelonaRecord turnover in the last year that Tous was owned by an investment fund, before being re-invested under the full control of the founding familyThe Catalan jewelry brand achieved revenues of €523 million in 2024, a 9.4% increase compared to the previous year. Even so, its profits fell by 10%, and net income stood at €45 million. The company explained this decline by the effect of exchange rates and stated that without taking this distortion into account, it would have grown by 5%. "Growth, which far exceeds the sector average, has been primarily organic, supported by investments in brand awareness," the company emphasized in a statement.
In a year in which Tous has expanded its business with the launch of a global website and the renovation of its store portfolio, the firm recorded an operating result (EBITDA) of €114 million, a 6.4% increase in comparable terms compared to the previous year. Specifically, it has allocated €31 million to investments in its retail stores, infrastructure, and technology, and plans to invest another €120 million over the next three years. Today, Tous has a network of more than 600 stores in 40 countries. The brand has also been increasing the importance of the digital channel in its sales, which now accounts for 23.5% of its total business.
The multinational jewelry company maintains that these results demonstrate a "solid profitability" that allows them to continue investing in long-term growth. "Tous is today a stronger brand, with a solid global presence and a unique, distinctive proposition in jewelry, solid levers that have been reflected in the results and on which we will continue to work to drive our sustainable growth," emphasized its CEO, Carlos Soler-Duffo.
The return to the family
At the end of 2024, the Tous family decided to repurchase the 25% stake it had sold to the Swiss fund Partners Group in 2015, thus regaining full control of the firm nearly a decade after that historic step, which allowed the entry of an external partner into the company for the first time. However, this move did not entail any change in the company's management, which continues with Soler-Duffo as CEO.