Thomas Sabo UK’s accounts for the year to June 2024 have been filed at Companies House and they show the subsidiary of the German jeweller enduring another tough period on the sales front.
THOMAS SABO
The previous 12 months had also been difficult with turnover dropping, the cost of sales rising and profit on multiple measures down.
This time it was more of the same on sales — which it described as “disappointing” — but profits improved. Turnover fell to just under £9.236 million from almost £11.293 million, although the cost of sales did fall. Gross profit dropped to £1.474 million from £2.704 million but operating profit rose to £241,981 from £184,913. Profit before tax rose to £293,343 from £209,530 and net profit for the year was up to £275,457 from £209,530.
The company (which sells its own brand of fashion jewellery and watches through its retail shops, concessions in department stores, the webstore and through wholesale in the UK) said the year was a difficult one for most retailers but particularly for those specialising in fashion jewellery.
That market was “significantly affected by economic difficulties”. This means high inflation and high interest rates that had also affected the previous year leading to the cost-of-living crisis. It said domestic demand softened and along with changes to its store portfolio it had a negative impact on sales.
But its tight control of costs meant that the inflationary rise in salaries was almost offset by other reductions in admin expenses. The company also received a margin adjustment credit from a group company, which boosted the year’s profit.
And it remains optimistic about the current year with it talking of expectations of a “significant recovery in sales”, and with continued financial support from the parent group it should be profitable.
That recovery in turnover should be seen both in the company’s stores and online based on its experience of the year so far. It said there have also been significant reductions in shop rents as leases have been renewed.
Italian fashion retailer Ovs ended the fiscal year 2024 on a strong note, reporting net sales of €1.631 billion—up 6.2% from the previous year. The company posted an adjusted EBITDA of €195.3 million, a €13 million increase, and an adjusted net profit of €77.9 million, up from €75.9 million. Ovs also generated €68.6 million in cash over the year.
Stefano Beraldo, Ceo of Ovs – DR
As of January 31, 2025, Ovs maintained a financial leverage ratio of 0.8 times EBITDA. During the year, it returned €25.3 million to shareholders through dividends and repurchased €46.1 million in shares.
The company received a positive market response to its new collections, with sales in the first quarter of 2025 aligning closely with last year’s performance.
Looking ahead, the board of directors plans to propose a dividend of €0.11 per share—a 57% increase—at the next shareholders’ meeting. The board also approved a €10 million extension of the current share buyback plan.
Chief executive officer Stefano Beraldo said the company expects sales to rise in 2025, supported by new product initiatives, store expansions, and a return to more typical seasonal weather patterns. He noted that this growth should help offset the continued impact of higher labor costs stemming from a renewed national employment contract.
Beraldo also addressed global trade dynamics, explaining that Ovs does not operate in the U.S. market and therefore faces no direct exposure to American tariffs. However, he said that tariffs on Asian countries have made suppliers more receptive to working with European clients, improving sourcing conditions. He added that the recent strength of the euro against the U.S. dollar has also worked in the company’s favor.
Italian leather goods company Piquadro, known for its high-end bags and accessories, closed its fiscal year 2024/25 with consolidated revenue of €183.6 million, marking a 1.9% increase compared to the prior year.
Piquadro – Ansa
The company owns three key brands: Piquadro, The Bridge, and Maison Lancel. Among them, the French luxury label Lancel delivered the strongest growth, with revenue rising by 6.5% to €68.8 million. The Bridge, a Florentine brand known for artisanal leather craftsmanship, posted €35.1 million, up 2.9%. The flagship Piquadro brand brought in €79.6 million, reflecting a 2.3% decline.
Regionally, the group generated €84.3 million in its home market of Italy, representing 45.9% of total revenue. Revenue from the rest of Europe reached €93.4 million, or 50.9% of the total, up 7.4% year-over-year. Outside of Europe, the company earned €5.9 million.
In the fourth quarter ending March 31, 2025, Piquadro reported revenue of €49 million, reflecting a modest increase of 0.4% compared to the same period a year earlier.
Tiffany & Co. has opened a new store on Via Monte Napoleone in Milan. Inspired by The Landmark—its iconic Fifth Avenue flagship—the boutique reflects the modern aesthetic of the New York-based fine jeweler, which was founded by Charles Lewis Tiffany in 1837 and became part of French luxury group LVMH in 2021.
Tiffany & Co. on Monte Napoleone Street. The facade – Tiffany & Co.
With over 12,900 square feet of retail space, the new store is Tiffany’s largest in Europe. It is located in Palazzo Taverna, a neoclassical mansion built in 1835 and one of the most elegant aristocratic residences on Via Monte Napoleone.
The building’s arched windows were made by the Venini glassworks of Murano. The lunettes, recreated from an original sketch by architect Gio Ponti, feature intricate forms reminiscent of Louis Comfort Tiffany’s signature stained glass creations. The facade also includes display windows inspired by the style of Michelangelo Pistoletto, underscoring the house’s long-standing ties to the art world and celebrating Milan’s role as a cultural capital.
“The store sets a new standard for luxury boutiques in Milan. It’s Tiffany’s largest in Europe and honors nearly 200 years of history while celebrating Italian creativity,” said Anthony Ledru, President and Chief Executive Officer of Tiffany & Co. The company currently operates about 300 stores worldwide and employs over 14,000 people, including more than 3,000 skilled artisans who cut Tiffany diamonds and handcraft jewelry in-house.
Tiffany & Co. on Monte Napoleone Street. A glimpse of the interior – Tiffany & Co.
Designed by Peter Marino, the boutique interiors fuse craftsmanship, art and tradition in a refined setting. Visitors can explore an exceptional collection of artworks by Pablo Picasso, Michelangelo Pistoletto, Urs Fischer, Daniel Arsham and Julian Schnabel. It also hosts the world’s largest showcase of Tiffany archive pieces.
Upon entering, guests are welcomed by Michelangelo Pistoletto’s work “Color and Light,” set against marble walls in warm beige and pinkish tones. “Whodunnit,” a historic storefront installation offering a theatrical overhead view of The Landmark’s main floor, pays homage to the brand’s New York heritage.
The boutique offers Tiffany & Co.’s signature collections, including “Lock by Tiffany,” “HardWear by Tiffany,” “T by Tiffany,” and “Knot by Tiffany.” A dedicated gallery also honors Elsa Peretti’s legacy.
In the High Jewelry section, the house’s most coveted pieces are presented in frosted glass showcases. Nearby, a private suite features “Tiffanies & Tiffany,” a commissioned work by Urs Fischer exploring the connection between women and the artistry of High Jewelry.
Tiffany & Co., the bar space with Daniel Arsham’s “Stratified Venus of Arles” statue. – Tiffany & Co.
At the heart of the store stands a transparent staircase designed by Marino and engineered by Hugh Dutton. A naturally lit inner courtyard houses the bar area, which features Daniel Arsham’s “Stratified Venus of Arles” statue. On the mezzanine level, shoppers can explore Tiffany’s Home & Accessories, Personalization and Client Services spaces.
The second floor is home to the “All About Love” rooms, where jewelry displays highlight Tiffany’s diamond collections. The top level includes two private client rooms, a space dedicated to watches and a large showcase of Tiffany diamond pieces.
Tiffany & Co., which LVMH acquired for just under $16 billion in 2021, saw a sharp increase in sales following the acquisition before facing a slowdown. However, according to LVMH executives, the brand recorded record revenue in 2024 at its New York Landmark flagship, which underwent a renovation valued at more than $350 million.
Tiffany & Co., another room at the store on Via Monte Napoleone – Tiffany & Co.
“Tiffany & Co. was a sleeping beauty. I don’t think we made a bad deal. It’s the leading American luxury brand,” said LVMH Chairman Bernard Arnault during the group’s earnings presentation last February.
While the French group’s Watches and Jewelry division posted 3% organic growth in the fourth quarter, Tiffany’s sales rose 9%. Arnault added that Tiffany’s revenue has doubled and its jewelry sales have quadrupled since the acquisition.
He called The Landmark “LVMH’s first luxury boutique” and noted, “Every time we open or renovate a boutique, Tiffany’s sales jump by 25%.” The new Milan flagship is expected to deliver similar results.