Tous profits plummet by 60 percent amid rising gold and silver prices

Madrid – On Monday, August 3, 2026, Spanish jewellery company Tous reported its performance during its last full financial year, 2025. The jewellery and lifestyle brand ended the period with a contraction in sales and a significant drop in net profit. This decline was influenced by three factors: exchange rates, a general increase in raw material costs, and lower turnover.

According to information provided by the company's management and reported by various media outlets, Tous closed its 2025 financial year with a total turnover of 493 million euros. This figure represents a 5.74 percent decrease from the 523 million euros (603 million dollars) in turnover the jewellery and lifestyle firm achieved in 2024, when it had recorded a year-over-year increase of 9.6 percent.

Accompanying this significant drop in turnover, the century-old jewellery firm closed the year with a net profit of 18.6 million euros. This figure represents a 58.67 percent slump in net profit compared to the 45 million euros recorded at the end of the previous fiscal year. The company had already seen a 10 percent profit decline in 2024, making this the second consecutive year of falling profits.

To put this sharp drop in profitability into context, “during 2025, gold has seen an exceptional bull run, with prices doubling since 2023 and rising by 36 percent in 2025 alone,” the Barcelona-based company noted. These inflationary pressures also affected the prices of other key raw materials for its jewellery. However, “in line with its unwavering commitment to its affordable luxury positioning, Tous has made the strategic decision not to pass this increase in raw materials on to the end customer, with the company absorbing the cost increase”.

Renewal of strategic plan

Faced with this marked deterioration of its balance sheets, the new management of Tous has announced a new phase of its “GEM” strategic plan, which was first presented in mid-2024. This follows a new chapter for the company in 2025, marked by the departure of Swiss fund Partners Group from its share capital and Carlos Soler-Duffo from his executive management role at the year's end. This updated roadmap aims to regain international momentum from 2027 onwards.

According to information shared by the jewellery firm's management, this “reorientation” of its strategic plan will be based on four strategic pillars: product, through greater diversification of Tous' offering to expand its audience and brand universe both within and beyond the world of jewellery; innovation, with the adoption of new technologies and processes to shorten design and development times by up to 40 percent; retail experience, introducing a new store format; and growth and internationalisation. Through these processes, alongside the new retail format and local partners, they will carefully review their commercial network. From 2027, they will accelerate their international expansion and the pace of new openings in key markets across Europe, Asia, and Latin America.

With these new pillars, “we are starting a new stage with the ambition of becoming one of the most relevant global jewellery companies in the sector,” highlighted Susana Sánchez, CEO of Tous since September 2025. To achieve this goal, “the transformation initiated in 2026 will allow us to raise our competitiveness on a global scale,” although she anticipates that “the coming years will not be easy” for the company. However, Sánchez adds, “we are sure of the path to follow. We will focus our efforts on revitalising our product categories, revisiting our retail model, and relying heavily on innovation and talent to ensure the sustainable growth of Tous”.