Message from the President

Since its creation, THOM has been above all a human adventure, the fruit of all the labour, talent, and energy of women and men who have devoted themselves to the Group’s purpose – Allow everyone to share a precious moment. FY24 demonstrated this once more. Thanks to the commitment and team spirit of its employees, THOM has achieved its goals and consolidated its leadership despite an unfavorable economic climate.
For THOM as for our sector as a whole and for retail in general, 2024 was a very challenging year during which we were required to question ourselves and to adapt. THOM was rocked by the brutal shock of inflation, which affected its commercial and non-commercial costs alike (gold and silver prices, electricity, rents, etc.). The Group was also challenged by new competitors, especially in the gold and silver plated and costume segments. After a period of over-performance during the somewhat euphoric post-Covid era, 2024 therefore became a wake-up call. Thanks to its network and head office teams, the soundness of its business model and its brand portfolio, THOM was able to meet these difficulties head-on. Our teams rose to the challenge and I would like to sincerely thank them for that.
In 2024 THOM met its financial targets, with sales up by 7.6% and its operating profit stable compared to FY23. It also refinanced its debt on very competitive terms for the current market, which confirms that our shareholders and investors have strong confidence in us, as do rating agencies.
THOM strengthened its brand portfolio with the acquisition of Be Maad and Deloison and also recorded excellent results with AGATHA – flagship of the Fashion & Specialist division – which is springing back to life and growing very quickly in Europe and China.
Finally, THOM accelerated its responsibility transition in every region across all three pillars of the WeTHOM plan:
Bringing out the best in our employees with the confirmed success of the THOMtogether employee shareholding scheme, the roll-out of THOM Academy in Italy, the creation of the THOM for Me personal assistance service, and most recently, the creation of the THOM for You endowment fund;
Developing a responsible model with the construction of a 100% ethical and responsible supply chain and a rapid reduction in our GHG emissions.
Offering sustainable products with the development of recyclable packaging and repair, second-hand, and gold recycling services.
THOM has been continuing its transformation. A defining part of FY24 was the strengthening of the Group’s governance: it established separations between the President’s and the Group CEO’s roles and created a strategic committee led by the President. Flavien d’Audiffret, who joined us in 2020, was named Group CEO in November 2023. This new governance is a major step forward for THOM. It strengthens transparency and responsibility within the Executive Committee, optimising strategic decision-making and increasing stakeholder trust.
I would also like to highlight the transformation of our Group back-office platform with the upcoming (April 2025) migration to our new ERP. The project, launched four years ago and piloted by Germany, marks a key step in our digital transformation.
While FY24’s activity warrants caution, it also warrants consistency. Investment in our brands remains a priority in 2025, across both our iconic local brands like Histoire d’Or and Stroili and our global brands like AGATHA. We will continue to strengthen our brands while paying close attention to any opportunity for geographical diversification that may arise.
This past year reconfirmed my pride at belonging to our Group, my pride at developing brands, opening new stores and enabling so many employees to become shareholders in their company. I am truly happy to see everyone make their own contribution.
In order to continue this amazing human adventure in the coming years, we must remain optimistic despite the economic climate and political uncertainty we are currently facing. THOM is in a great position to maintain its leadership because it can count on its talented, committed teams, who share the absolutely essential human values of dedication and team spirit.