Madrid – The jewellers Tous have just reported their financial results at the close of their latest financial year in 2024. This was the first year that the company concluded under the implementation of its new strategic “GEM” plan. This plan has proven to be a real game-changer, given the outstanding performance achieved, surpassing the 500 million euros turnover mark for the first time in its history.

Based on the financial information shared by the management of the Manresa-based firm, Tous closed 2024 with a turnover of 523 million euros. This figure represents an increase of 9.6 percent compared to the 477 million euros in sales invoiced during the previous year. It also leaves the Spanish company growing by 32.4 percent compared to the 395 million euros it achieved in 2019, the last year completed before the effects of the coronavirus pandemic.

Regarding its profitability, Tous reported an EBITDA that decreased to 114 million euros (minus 1.72 percent year-over-year), resulting in a net profit that totalled 45 million euros. This figure represents a decrease of 10 percent compared to the 50 million euros in profit recorded the previous year. However, it is still plus 50 percent higher than the 30 million euros in net profit recorded in 2019. Tous attributes this drop in profit to exchange rates.

“In 2024, we successfully met the objectives set for the first year of the ‘GEM’ plan,” said Carlos Soler-Duffo, chief executive officer of Tous. He defended the results in a statement shared by the management team. “Tous is now a stronger brand, with a solid global presence and a unique differential proposition in jewellery.” He added that Tous has “solid levers that have translated into results and on which we will continue working to drive our sustainable growth”.

Organic growth, with new retail formats

Delving into the company’s performance throughout 2024, sales in Tous stores accounted for 76.5 percent of the company’s total turnover, at 400 million euros (plus 8.9 percent). The online channel increased from 23 to 23.5 percent of the company’s total sales in one year, at approximately 122.9 million euros (plus 12 percent).

Regarding these same channels, Tous highlighted that, for the physical channel, sales growth occurred in a year in which its commercial network remained stable. The company focused on updating and renovating its store fleet to boost turnover, with approximately 50 renovations carried out throughout the year. These improvements have served to start developing new store concepts, such as the first points of sale for the new formats dedicated exclusively to its Tous Atelier and Suot Studio lines. As for the online channel, the firm has taken a further step in its commitment to internationalisation, with the launch of its new global website in 2024. This launch complements the network of over 600 physical stores that Tous has in 40 countries.

Regarding its performance by country and region, Tous has limited itself to pointing out that, following the organic growth that has sustained it in 2024, this in turn “has been widespread in all regions, including the most mature markets for Tous”, such as Spain and Mexico. These operations have enabled the brand to strengthen itself on a global scale, one of the main objectives of the “GEM” plan. The eyewear, watch and perfume collections produced through the assignment of licenses have also contributed to this, generating a global business volume of approximately 200 million euros, in terms of sales to the end customer.

With 120 million euros in investments, until 2027

Looking ahead to 2025, after investing 31 million euros in 2024 in investments in stores, infrastructure and IT, the company plans to invest 120 million euros over the next three years to continue advancing in the implementation of the GEM strategic plan. Tous hopes to continue unlocking its growth potential with this roadmap, both within the jewellery sector and in the various markets in which it operates. This follows the opening of the new chapter that began after repurchasing the 25 percent of the company held by the fund Partners Group last December.