Gismondi 1754 S p A : > GISMONDI 1754 - DOUBLE DIGIT GROWTH CONTINUES IN H1 2023

GISMONDI 1754: DOUBLE DIGIT GROWTH CONTINUES IN H1 2023

Q2 results lead the Group to end the first six months of 2023 with revenues amounting to € 7.9 million, up +12% compared to the same period in the previous year. Strong boost from the wholesale channel. A winning sales channel diversification strategy.

Genoa, 20 July 2023 - Gismondi 1754 (the "Group" or "Gismondi"), Genoese company listed on Euronext Growth Milan, producer of highest-end jewellery (ticker GIS), communicates consolidated operating results for sales in the second quarter 2023 on a voluntary basis (figures not audited), divided by geographical area and sales channel.

In Q2 2023, Gismondi 1754 totalled sales amounting to €3,728,882, up +7%, compared to €3,491,905 in Q2 2022; a figure confirming the Group's sustained growth compared to the previous half year period.

The excellent second quarter figures take the total consolidated sales results H1 2023 to €7,879,197, a +12% growth compared to €7,019,219 in the first half of 2022.

Figures rewarding the business channel diversification strategy, enabling the Group to obtain increasingly positive overall performances, without being influenced by macro-economic contingency or seasonal phenomena that could only reflect on single channels, especially retail.

Q2 2023 growth compared to the same period in 2022 was mainly boosted by the Europe wholesale channel (+83% compared to the previous half year), by the fantastic signals from the new Rome shop opened at the start of the year, going from revenue for €36,984 in Q1 2023 to €179,200 in Q2 2023, and by the new franchising opened last February in Qatar, which with €426,703 in sales counterbalances the drop in the Middle East wholesale channel, still being developed. The drop in sales from the St Moritz shop can be attributed to the season, which had enjoyed very important, not always recurrent special sales in Q2 2022, as can those in Genoa (via Galata).

Compared to turnover figuresfor the sales channel, as at 30 June 2023 the wholesale channel incidence had grown, going from 43% to 47%, as had the franchising channel, with the opening in February of Qatar (including countries in the Gulf Cooperation Council area), going from 10% to 13% in revenues. Special Sales remain stable at 28%, whereas there is a slight drop in the retail channel, counting 13% of revenue in H1 2023, against 20% in the 2022 half year.

On analysing revenues by geographical areas, as at 30 June 2023 the Italy area turnover grows in percentage terms, reaching 42% thanks to the performance of the Rome and Milan shops, and the "other countries" area representing 20% of revenues compared to 9% in the past half year, in particular with the good performance of Sweden, Israel, Qatar and Hong Kong. However, a slight drop in USA results can be noted, but it still represents a good 21%; and that does not consider the orders confirmed at the Las Vegas trade fair (for 1.6 million dollars) to be entered in accounts between the third and fourth quarters of the year, and for the Czech Republic and Switzerland, respectively 7% and 2%.

Massimo Gismondi, CEO of Gismondi 1754, commented: "This first half of 2023 has still given us great satisfaction with numbers growing continuously. I would like to stress the excellent response had from the new Rome shop, opened at the start of the year, and from the Gulf Cooperation Council Countries that have proved to be a very positive strategic choice. The Group is still growing strongly and we note that the interest in our jewels is expanding its borders globally, with requests from all over the world. Results had in a favourable market contest and, if possible, that are even better than the reference context; considering that the latest international figures show that the personal use luxury market is estimated to grow between 5% and 12% in 2023 and is expected to reach 530-570 billion in 2030, doubling in size compared to 2020*".

* data "Bain & Company and Altagamma's 2023 spring luxury study"

Gismondi 1754: Handmade in Italy by Italians

The Group counts Gismondi 1754 and Vendorafa amongst the brands owned

Gismondi 1754:jewel creation, production and commercialisation house, founded in Genoa in 1754 by Giovan Battista Gismondi (supplier of Pope Pio VI and the Doria family)- managed by Massimo Gismondi- has achieved globally acknowledged excellence and skill in jewellery. Massimo Gismondi, known for considering jewels works of art, expresses centuries of craftsmanship and a rich history in his creations, matched with a contemporary style handing down a taste for beauty, a seven-generation company inheritance. Since April 2023, the Gismondi 1754 Group has included the prestigious brand Vendorafa whose jewels stand out for creativity, and for their precious manual workings like hammering, incision and embossing - a symbol of the Valenza craft processing skills. Massimo Gismondi has taken on the role of creative director for this long-standing brand; starting, straight away, to imagine its growth and for continuity and a new impulse to existing aesthetic lines. Trying to re-interpret the style and follow up on the legacy of this historical example of jewellery handmade in Italy by Italians.

Gismondi 1754 S.p.A.

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