Lovisa shoots. The Australian jewelry company, led by the Spanish Víctor Herrero, has ended the first half of the year with an increase in sales of 60% and 16.1% for comparable stores.
In the period, the australian company has launched 47 new establishments and has landed in new markets such as Canada, Poland, Namibia or Hong Kong. In addition, the company also plans to land in Italy, Mexico and Hungary with store openings in the coming weeks.
After the results, the shares of the group, which is listed on the Australian Stock Exchange, have skyrocketed, up to 26.46 Australian dollars per share last Friday, the all-time high. This is 80% more than five months ago.
Lovisa has opened 47 new stores in the first six months of the year
Analysts have responded positively to the group’s results and UBS has improved Lovisa’s share price from A$20 per share to A$29 per share, according to Australian Financial Review.
UBS analysts say the group might achieve revenue of A$958 million in fiscal year 2025, almost double the A$459 million it closed fiscal year 2022 with. According to UBS, part of these prospects are fruit of the strategy that Víctor Herrero, CEO of the company, has launched.
In the last financial year, the first for Herrero at the helm of the company, Lovisa increased its sales by 59.3%. The company’s ebitd stood at 79.7 million Australian dollars, 86.6% more than in the previous year. In the period, the company carried out a strategic price increase to offset the increase in costs.
Víctor Herrero signed for Lovisa in December 2021. The executive has extensive experience in the fashion sector, following managing the Inditex business in Asia Pacific for twelve years, leading Guess between 2015 and 2019 and leading the British company Clarks before joining Lovisa.
