Morellato Group reports growth in revenue and profitability

A financial year that confirms and indeed strengthens Morellato’s leadership as Italia’s leading jewellery and watchmaking group. The financial statements for the period ending 28 February show consolidated turnover of 750 million, up 4 per cent on the previous financial year, with an EBITDA margin of 21 per cent, which has also increased.

“The progress made in terms of revenue and profitability, against a complex backdrop and bucking the trend in the luxury market, has demonstrated the strength and value of our jewellery and watch brands,” comments Massimo Carraro, Chairman of the Morellato Group. “In particular, the positive performance of fine jewellery – which accounts for 75 per cent of sales – continues, confirming that authenticity and the intrinsic value of materials are distinctive features increasingly appreciated by customers. Our continued belief in silver and gold has proved to be a forward-thinking choice.”

The group’s figures are those of a ‘silent giant’: 4,800 employees, 665 directly-owned shops, 7,000 retailers, with a presence in 60 countries and exports accounting for 66 per cent of turnover, whilst 20 per cent of turnover is attributable to direct e-commerce. The figures for the portfolio are equally significant, with 14 in-house brands – including, alongside Morellato, Sector No Limits and Philip Watch for watches – and seven licensed brands, covering watches but primarily jewellery.

For Massimo Carraro, people’s skills can coexist in a virtuous circle with digital tools: ‘Morellato understands the European consumer better than anyone else in the jewellery and watchmaking sector, thanks to a model of complete integration that enables us to understand our customers’ desires and expectations. Artificial intelligence, which we are already introducing without reducing staff numbers but by enhancing our people’s skills, represents a further step in this direction.” A pioneer in the jewellery sector with ESG certification, the group began publishing a Sustainability Report in 2022 and has been certified by the Responsible Jewellery Council (RJC) since 2023.