Tous is liquidating its subsidiaries in France, the United Kingdom and Italy

Tous culminates with his departure from France, the United Kingdom and Italy. The jewelery company liquidated its subsidiaries in these three markets after closing its stores in the country during the pandemic, according to what it gathers The Economist. In addition, the company also liquidated positions in Argentina, Romania and Bulgaria.

The company already explained in the presentation of the results for the financial year 2021 that it has already closed stores in those three markets. Overall, Tous explained that “those countries remain within Tous’ scope of activity through the e-commerce channel.”

“The liquidation of the observed companies is a response to the strategic decision, adopted and implemented during the financial year 2020, to adapt the business and focus on those areas and regions that have already been planned and which have allowed Tous to lay the foundations for long-term growth. , shedding part of its commercial perimeter,” the company added.

In addition, this year the company also started the process of transferring its own stores in Russia to its franchise partners. Several facilities in the country have been closed since March 5 following the outbreak of war in Ukraine.

Founded in 1920, Tous is controlled by the founding family and owned by Partners Group. The company closed the financial year 2021 with a turnover of 384 million euros and is present in 46 countries with more than 700 stores.

The company has also revamped its corporate image, including a new logo that will no longer feature history teddy bear which has characterized the company for the last thirty years. Change happens in an exercise that the group believes in finally recover pre-Covid revenues, with a turnover that will be around 400 million euros.

The renovation is part of the Tous Next transformation plan based on three axes: focus on the client and digitization, promotion of responsibility and sustainability and overview of processes to achieve maximum efficiency and agility.

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