Message from the President

THOM can close the book on 2025 with a sense of pride. There was indeed no shortage of challenges. Faced with a troubled global context, political instability in France, and a constant rise in the price of gold, the Group not only defended its position, but acquitted itself commendably. THOM achieved quite a respectable performance, with a 9.3% increase in activity and an operating profit that remained stable compared to FY24. We strengthened our leadership position and secured the means to support our further development. I would like to thank our entire team for their determination and talent, which drove our Group onwards.

Year upon year, THOM keeps expanding around an inspirational raison d’être – Allow everyone to share a precious moment – as well as a core set of common values shared by its staff and executive team – demandingness, team spirit, simplicity, commitment, boldness.

In 2025, the Group continued to develop its brand portfolio. In the Timeless division, it boosted the leadership of its historic brands even further, with Histoire d’Or in France and Stroili in Italy. The Fashion division saw the Group progressively establish itself as an international actor in the market, spearheaded by Agatha as well as by some new gems – Deloison, Be Maad, Coutume – , which are innovating and meeting new consumer expectations.

In 2025, THOM continued to strengthen its model by investing in human capital, improving customer experience, consolidating its back office, and fully shouldering its social responsibility. THOM Academy expanded internationally, its training courses were certified, and its service offer expanded. The Group’s ERP also rolled out successfully, we made rapid progress toward RJC certification, reduced our environmental impact…

This year, THOM once again proactively evolved its governance with agility, welcoming high-caliber new members to its Supervisory Board and specialist committees to further strengthen its vision and expertise.
I could draw up an endless list of decisions, initiatives, and achievements that speak to the unique strength of THOM’s model and made 2025 into a varied, interesting year, but I also wanted to mention the challenges that will energise us in the coming months and years.

THOM’s model is constantly improving but can still be optimised. It must evolve to withstand the tests that the future will bring in the short- and medium-term. The market in which THOM operates is undergoing a massive transformation due to social, sociological, and technological changes. The behaviour and expectations of customers – especially of the younger generation – have been shifting very quickly. The force of social media, the increasing importance of artificial intelligence, and even the climate emergency… all play a part in this evolution. To this, we must add a major impactful circumstance: the soaring price of gold. Our business model will need to be reviewed in depth in order to implement the necessary adjustments.

Today, THOM is therefore focusing on understanding and adapting to ongoing changes, exploring new offers and ways to meet stakeholder expectations. The Group is working on developing alternative ranges to gold jewellery and is actively expanding its use of recycled gold. Beyond products – the key pillar of our offer – we are intensifying initiatives for inventing and deploying the services of the future: insurance, renting, second-hand, etc. Finally, THOM is reflecting on the best way to use AI to improve its value proposition, to better answer consumer needs while improving our productivity.

Our ability to transform our model will be decisive in meeting our new challenges. And I believe that if we remain true to our raison d’être and values on an individual and collective basis, then THOM will be able to reinvent itself, preserve its leadership position, and continue to create value for its entire ecosystem.