Spanish jewelry brand Tous hits record $570 million in revenue but sees profit decline amid currency fluctuations

Tous, the famous Spanish jewelry brand, reported record-breaking revenue in 2024. According to a statement released on Tuesday, the company saw its sales grow by 9.4% over the last fiscal year, reaching $570 million. However, net profit declined to $49 million from $54 million in 2023. Tous attributed the drop to the “dilutive effect” of exchange rate fluctuations in 2024. “Excluding currency impact, net profit would have increased by 5% compared to the previous year,” the company stated.

During the past fiscal year, the founding family regained full control of the company by purchasing the stake held by Partners Group in 2015. Tous achieved an EBITDA of $124 million in the same period, reflecting a 6.4% increase year-over-year. As highlighted in its financial report, 2024 also marked the launch of the company’s strategic GEM plan, an initiative focused on growth, elevation, and mindset.

“In 2024, we successfully met the objectives set for the first year of the GEM plan. Tous is now a stronger brand with a solid global presence and a unique jewelry offering. These key strengths have translated into positive results, and we will continue leveraging them to drive sustainable growth,” said Carlos Soler-Duffo, CEO.

Organic growth and a 1 million investment over three years

Tous announced plans to invest $131 million over the next three years to further its strategic goals. This comes after the company allocated $34 million in 2024 to its stores, infrastructure, and IT systems. As part of this investment, Tous renovated 50 stores while maintaining a steady retail footprint, operating across 40 markets with more than 600 locations. Store expansion was driven by organic growth, supported by strong sales from new collections.

While the company did not significantly expand its physical store network, Tous broadened its global reach through e-commerce. In 2024, it launched a global website, allowing it to sell worldwide. Online sales grew by 10% year-over-year, contributing 23.5% of total revenue.

Tous reported strong growth across all markets, including its most established regions, Spain and Mexico. Looking ahead, the company aims to expand into new territories to accelerate its global presence.

With its headquarters in Manresa, Tous sees long-term growth potential, particularly in its established markets. The company credits this to ongoing brand renewal efforts and the expansion of its latest product lines—Tous Atelier, a fine jewelry concept, and Suot Studio, which focuses on experimental designs.

“The branded jewelry sector still represents a relatively small portion of the overall market, especially compared to other luxury personal goods categories. This presents a strong opportunity for growth in a segment where Tous continues to lead and innovate,” the company concluded.