Tous restructures and liquidates subsidiaries in France, UK and Italy
After the pandemic, the Spanish jewelry firm Tous decided to reduce the number of markets in which it was directly operating. That meant ceasing operations in three key European economic powers: France, the United Kingdom and Italy. Now, the company is taking a step further by liquidating its subsidiaries in those countries.
This reorganization began at the end of the first full year of the pandemic, as reported in the Spanish daily newspaper El Economista. However, despite its strategic turnaround in France, the United Kingdom and Italy, the company's annual accounts in 2021 did not suffer: Tous recorded sales of €384 million and earnings of €22.3 million, bringing it close to pre-pandemic figures (only 2.8% lower than in 2019).
The company's operational restructuring in these three European markets was in response to its goal of focusing on territories that would allow it to establish the basis for long-term growth. Tous will continue to retail its products in the French, British and Italian markets through its online and multi-brand channels.
In line with this change, the jewelry company led by Carlos Soler-Duffo also ceased to operate directly in 2021 in Argentina, Romania and Bulgaria. In 2022, it exited Russia, but not due to a strategic decision (Russia was the company's fifth largest market), but because of the invasion of Ukraine. After announcing its exit from the country in July (it stopped distribution in March), it reached an agreement with its franchisees to transfer its 32 stores. In Ukraine, however, Tous has reopened six of its nine stores.
In 2022, after having unveiled its new logo and brand identity in its flagship store in Madrid, the company aims to achieve a turnover of 400 million euros.
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