Tous sales up by 17% in 2022 for record turnover of 450 million euros

By

Eva Gracia Morales

Translated by
Roberta HERRERA

Published
Mar 22, 2023

Century-old Spanish jewellery company Tous broke its record turnover for the 2022 financial year with 450 million euros in sales, representing growth of 17% compared to 2021, and 14% compared to 2019.

The brand has thus put the pandemic behind it, surpassing its pre-pandemic figures. Ebitda grew 26% year-on-year to 101 million euros and net profit rose 60% to 35.7 million euros.

"2022 has been a record year for Tous in all areas. In a complicated and changing socio-economic environment, we have been brave and have presented our new brand identity, which has been very well received, to continue to stay ahead of the market. We have also made very significant investments that have put us in a very good position to continue building a bright future," said the company's CEO, Carlos Soler-Duffo. 

The war in Ukraine and the cessation of operations in Russia had a negative impact of 7 million euros on Tous' accounts. Since the beginning of the invasion, the brand closed seven shops in the country and transferred 49 to its local partners. Its global retail network at the end of the year consisted of 643 shops in 46 countries, 62 fewer than a year earlier.

The online channel accounted for 21% of the company's total sales in 2022. Jewellery represented 70%, accessories 20% and watchmaking 10% of total sales.

Rebranding: Tous' key to success

The company partly attributes its good results to the rebranding it unveiled last September. Its new logo, image and positioning involved an investment of close to 30 million euros, which has also gone into revamping its physical stores and online shop.

A total of 200 establishments in Tous' retail network now sport a new look, including its shops on Barcelona's Rambla Catalunya and Madrid's Calle Serrano. According to the company's CEO, Tous' priority for this year will be to continue remodelling its shops. 

Spain is currently Tous' largest market, followed by Mexico, the United States, Poland and Portugal. The company, which is partly owned by the Swiss fund Partners Group and controlled by the Tous family, has 4,000 employees and is headquartered in Manresa (Barcelona).