EGM under the microscope: Fope’s revenue soars by 32% in the first half of 2026

In particular, the strategic plan envisages strengthening the group’s position in international markets (which, as we have seen, generate the vast majority of turnover: it is no coincidence that Fope stands for Fabbrica Oreficeria Preziosi Esportazione), but – and this is the new development – also targeted marketing and communication initiatives to boost brand awareness and positioning in the high-end jewellery segment. In short, Fope intends, despite its relatively small size, to become a distinctive brand for its customers. It can count on a unique, patented design, exclusively in-house production (not only of jewellery but also of machinery and equipment) and, on the commercial side, a direct presence with flagship stores in Venice, London, Tokyo, Kuala Lumpur, in Korea (with five shops) and on Isola Bella on Lake Maggiore, which, already well known to Italian and international tourists alike, can now benefit from an additional attraction stemming from Kaleon’s development plans (listed on Euronext Growth Milan since 1 December 2025), which is owned by the Borromeo family, who also own the islands of the same name, including Isola Bella.

A new Fope flagship boutique is also set to open soon on Via Sant’Andrea in Milan (San Babila area). There are also numerous ‘shop-in-shops’ around the world: over 700, operated through subsidiaries including Fope USA Inc., Fope Jewellery Limited for the UK market, Fope Deutschland GmbH, Fope Japan GK and the Fope DMCC branch in Dubai. However, the group’s ambition is to establish itself in China and the main countries of South-East Asia, which represent a huge potential customer base. Currently, according to data from Intesa Sanpaolo’s quarterly report on the jewellery sector, the leading export market for jewellery is Switzerland, followed by the United States, France, Ireland, Hong Kong and the Netherlands. Exports from the sector to the United Arab Emirates have fallen following the outbreak of the US–Iran conflict.

Fope’s internationalisation strategy has always been a distinctive feature of the company and, indeed, according to the Federpreziosi Confcommercio Consumer Observatory, compiled by Format Research and presented at VicenzaOro January in January 2026, out of 100 potential Italian customers, only 38.5 per cent would consider buying a piece of jewellery (partly due to high prices); consequently, foreign markets appear to offer significantly greater potential for growth. However, even in Italia, according to the Observatory’s data, jewellery is viewed more favourably when it embodies emotional and experiential values, associated with sentimental value and memories. This is where Fope can play to its strengths, as it is a long-established family-run business founded in 1929 and deeply rooted in the Vicenza jewellery hub.

It has been said that 2026 has got off to a good start; despite the planned investments in marketing and international expansion, as well as in the new Milan boutique, Fope expects to continue increasing its revenue and margins compared with 2025, and can rely on a solid financial position and liquidity, even though a total dividend of around 6 million was distributed in early May in respect of 2025, corresponding to a payout ratio of 60 per cent of the parent company’s net profit, which stood at just under 10 million.

The Altagamma–Bain Monitor on the luxury personal goods markets for June 2026 indicates global growth of between 2 per cent and 4 per cent, driven primarily by jewellery, with strong performance in the United States and a recovery in China, whilst Europe remains weak. A more favourable scenario, with growth of between 4% and 6%, would require a further easing of geopolitical tensions, a renewed acceleration in the US market and a faster recovery in China, whilst the less favourable scenario could materialise in the event of a new escalation of the conflict in the Middle East, a slowdown in tourist numbers or a weakening of demand in the Americas. However, around 60 per cent of luxury firms are already recording better performance than in the first quarter of 2025, and this has also been the case for Fope.

The targets set by the Vicenza-based group for 2029 are reasonable and the strategies are well-focused. Unfortunately, although the management expressed satisfaction with the listing on Euronext Growth Milan (then Aim Italia) some 10 years ago, the Italian stock market does not seem to confer any significant increase in visibility in the event of a cross-listing on Euronext Milan; consequently, at present, this option (which is, moreover, rather costly) does not form part of Fope’s strategy, although an increase in the free float – which currently stands at just 7.38 per cent – would certainly be desirable (it should be noted that Vitaliano Borromeo, owner of Kaleon and Isola Bella, also holds a 6.37 per cent stake). The first listing on Euronext Milan in 18 months (which took place on 14 July 2026) was that of Gens Aurea, which also operates in a sector linked to gold (the buying and selling of gold and precious metals, and in particular gold buying, jewellery, investment gold and buy-back schemes), has so far seen share prices largely in line with the offer price of 10 euros per share.