Gismondi 1754 Grows Double Digits In Net Revenues

BoD approves 4Q 2020 consolidated operating revenue figures that, despite the pandemic, grew +14% compared to 2019

Gismondi 1754 ended 2020 with double-digit growth results compared to the previous year and looks forward to 2021 with optimism to continue its growth path. The fourth quarter saw an increase in revenues from sales to €3.1 million, compared to €2.5 million in 4Q 2019, resulting in a total value of consolidated annual operating revenues for the year 2020 of €6.57 million, up 14% compared to the year 2019. A brilliant result, to which the expansion of the wholesale channel, the special sales and the good performance of the franchise store in Prague and the historic store in Genoa contributed in different, but synergistic ways. 

As far as the wholesale network is concerned, in the year just ended the Company had a great result in terms of sales both in Europe (+498%), with an acceleration of its presence also in Italy, and worldwide, through new agency contracts and to dealers who opened to the Genoese brand with immediately positive feedback. 

The greatest comfort in terms of numbers came from the already consolidated locations, in particular the Prague franchise - which closes well above forecasts with sales during the year of 611 thousand euros (+12% compared to 2019) - and from direct stores such as Genoa, which at December 31, 2020 achieved sales of 770 thousand euros (+41% compared to 2019). Overall, also considering the effects of the pandemic at global level, both the wholesale channel and Gismondi 1754 direct retail close 2020 with satisfactory performances that have more than compensated for the effects of the lock-down found on some stores and in the USA. On the side of special sales - the "tailor-made" signed Gismondi 1754 - the year ended with a growth of +13% to 3.41 million Euros. This result was made even better in the last week of 2020, when special sales amounted to € 463 thousand.

Massimo Gismondi, CEO of Gismondi 1754, said: «These are really positive results that we want to share with our investors because they concretely qualify the work done by the management and the entire sales force of the Group in such a complex year. The Covid-19 has not held us back, on the contrary we have gained market share in international markets, where we have accelerated our expansion plans in key markets such as the Middle East, Europe and Russia. For 2021 the focus will be to continue the development plan of the wholesale channel to expand and diversify our presence also geographically, so as not to depend on one market rather than another. At the same time, we do not preclude the strengthening of the retail channel should opportunities arise that are consistent with our strategy which, to date, not only brings growing results, but also gives us great motivation and good feelings for the future.»

The Company wishes to recall that the above represents the communication of objective economic information as of January 19, 2021 and that, as of today, it is not possible to foresee the economic effects and the impact on business that the current pandemic may have in the coming months.

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