Euronics turnover 2024 down, relaunch with artificial intelligence

The year 2024 was a complex one for Euronics Italia, the holding company of the pan-European retail group specialising in consumer electronics for the domestic market. Last year ended with a turnover of more than EUR 250 million and a pre-tax profit of EUR 600,000 more. In 2022, the balance sheet had ended with 386 million revenue and a pre-tax profit of 407 thousand euro, while the following year the turnover was 275.7 million and a profit of 312 thousand euro. The 2024 turnover of the purchasing group members exceeded EUR 2 billion net of VAT, compared to more than EUR 2.26 billion in 2023 and 2022. Downturns linked to record sales in the pandemic years while now the consumer electronics and large household appliance retail brands are being put in the running by the decline in household purchasing power. In this scenario Euronics is the third largest brand in the technical goods market with a share of more than 23%. "The results of 2024 show how the strength of our model, which unites historic Italian businesses, lies in our ability to evolve together, putting the customer, people and innovation at the centre," comments Maurizio Minuti, president of Euronics Italia. "The goals we have achieved are the result of a shared vision between the member companies and the managers of the head office, united by a 'constant commitment to a future that, although uncertain, offers important opportunities for growth.

This year, the business plan envisages the opening of a dozen sales outlets between direct and affiliates. Significant investments have also been made on the digital front: since February, the 'Book and collect in 30 minutes' service has been active in over 180 shops, and from June, AgentForce, a personal shopper based on artificial intelligence, will be available; and from September, a new logistics hub system for e-commerce based on physical shops will be operational, designed to guarantee greater capillarity and speed. In a macroeconomic context still characterised by inflationary pressures and increasing focus on purchase value, Euronics is preparing to introduce a new private label with the ambition of combining quality, convenience and reliability. The launch will be accompanied by a marketing and communication campaign that is unprecedented in the sector, a proposal that breaks the mould of the industry, with a more open, concrete approach geared to the real needs of customers. "We are pursuing a path of profound transformation that combines attention to economic performance, development of managerial skills, and technology at the service of the customer experience," emphasises Massimiliano Iovino, General Manager of Euronics Italia. "2025 will be a key year to accelerate new organisational models, data monetisation, and artificial intelligence.

In 2024, the brand further strengthened its presence in the territory with the opening of 11 new sales outlets between direct and affiliates. This expansion was accompanied by a growing focus on service quality, which was rewarded with three important awards: 'Italian Sign of the Year', 'Italian Web Sign of the Year' for the Home Appliances and Electronics category, and 'Italian Sign of the Year' for the Telephony category. These results are the result of constant work on improving the customer experience, measured in all points of sale through the NPS, now stably at 65%, and of an effective loyalty strategy that has led the Star Club loyalty programme to reach 3 million members.

The consolidation of the digital ecosystem also continues. The brand's website sees its strategic weight grow, with 28% of sales originating from the 'book and collect' function. To support this, the optimisation of the technological infrastructure and the entry into the Retail Media market continues, with an average return on advertising expenditure (Roas) of 11: every euro invested on the euronics.it channel generated an average return of 11 euros. In this growth scenario, Euronics has also confirmed its commitment to the environment, thanks to careful training of the sales network and collaboration with over 300 technical assistance centres, which has enabled the collection of over 6,300 tonnes of WEEE. On the subject of product regeneration with the Tech back service, more than 20 thousand devices including smartphones, consoles and notebooks were treated. On the human resources front, the Euronics Academy project provided more than 57 thousand hours of training, involving more than 5 thousand employees through 180 training modules, many of which were developed with the support of artificial intelligence. In 2024, the recruitment plan generated more than 110 new jobs. To date, Euronics can count on more than 6,300 active employees in 463 shops under the Euronics, Comet and SME banner, 277 of which are direct and 186 affiliates. On the services front, the acquisition in 2023 of SmileTech, a company specialising in retail services, was fully consolidated in 2024