Editor’s Note
Fope expands its global footprint with a new Milan boutique and over 700 shop-in-shop locations worldwide, while targeting growth in China and Southeast Asia.
A new Fope mono-brand boutique will soon open on Via Sant’Andrea in Milan (San Babila area). There are also numerous “shop in shop” locations worldwide: over 700, managed also through subsidiaries Fope Usa Inc., Fope Jewellery Limited for the English market, Fope Deutschland GmbH, Fope Japan Gk, and Fope Dmcc Branch in Dubai. However, the group’s ambition is to establish itself in China and the main Southeast Asian countries, which represent a huge potential user base. Currently, based on data from Intesa Sanpaolo’s quarterly report on the goldsmith sector, the primary export market for jewelry is Switzerland, followed by the United States, France, Ireland, Hong Kong, and the Netherlands. Exports to the United Arab Emirates are declining following the outbreak of the US-Iran conflict.
The group aims for a turnover of 140-150 million euros by 2029. Expansion in the Far East and experiential values are the key to growth.
Fope has long been firmly at the top of the ranking for best performance on the Euronext Growth Milan since its IPO, but it is also one of the “veteran” companies with 10 years of listing. In 2025, it achieved an increase in financial results reminiscent of the “new economy” era, despite operating in a traditional sector like jewelry.
Revenues jumped 27.4% to 93.6 million euros (of which 57.2% generated in non-European markets, 29.7% in the EU, and only 13.2% in Italy). EBITDA rose 38.6% to 20.5 million, EBIT increased 44.2% to 17.5 million, and net profit grew 36.6% to 11.4 million, despite an increase in net financial charges from 613,000 euros to 1.4 million, mainly due to net exchange rate losses of nearly 985,000 euros. The company is not only debt-free but as of December 31, 2025, had net liquidity of 10 million euros, a sharp increase from 3.3 million at the end of 2024, despite investments of 3.3 million (creation of “shop in shop”, expansion of production departments, and extension of the new IT system implementation), plus the payment of dividends totaling approximately 4.6 million euros.
Of course, given the sector in which Fope operates, these growth performances are also due to the strong increase in gold prices; however… not all that glitters is gold: at the 45th edition of the OroArezzo event held in May 2026, a study by Intesa Sanpaolo/Club degli Orafi Italia was presented, highlighting that despite a 44% jump in the price of gold in 2025, the overall turnover of the goldsmith sector in Italy fell by 5% (and production by 29%).
The periodic research by Intesa Sanpaolo on the Italian goldsmith sector indicated total exports of 2.4 billion euros in the first quarter of 2026, with a 17% decline in value and 1% in quantity (although it should be noted that excluding Turkey, the performance would have been positive), with a 23% reduction to 300 tons in global demand for gold jewelry, and an average gold price of 4,163 euros per ounce in the quarter (2025 average: 3,028 euros per ounce).
All this underscores that Fope’s 2025 performance was truly brilliant, and it continues in 2026: revenues at the end of June increased by 32% to 56.8 million euros, and the backlog is also growing and in line with the budget. Fope recently presented its strategic guidelines and targets for 2029, indicating revenues between 145 and 150 million euros and EBITDA between 33 and 35 million euros (EBITDA margin between 22% and 24%, compared to 21.9% in 2025). These objectives do not include any further price increases determined by gold quotations.
In particular, the strategic plan envisages strengthening the group in international markets (which, as seen, generate the vast majority of turnover: not for nothing is Fope the acronym for Fabbrica Oreficeria Preziosi Esportazione), but – and this is the novelty – also targeted marketing and communication actions to increase brand awareness and positioning in the high-end jewelry segment.