- STRATEGY -
- Interview with Flavien d’Audiffret
Interview with
Flavien d’Audiffret
Group CEO
“FY25 confirmed the relevance of our business model and strategy, one centred on developing strong brands.”
What is your assessment of FY25?
This year raised several challenges and saw an increasingly difficult retail environment emerge across all our territories. Given this context, I am very satisfied with the Group’s results. This new financial year confirmed the relevance of our business model and strategy, one centred on developing strong brands. Despite some pressure on our profit margins – notably due to increased gold prices – we were able to overcome the unfavourable conditions and pursue our development while keeping the Group profitable.
Increasing gold prices, slow-downs in consumer spending... How did the Group rise to these challenges?
2025 was marked by significant hikes in the price of gold, which directly impacted our profit margins. We were however able to partially offset these increases thanks to our solid growth and some appropriate financial hedging mechanisms.
Our leadership position and the unyielding commitment of our store, logistics, and head office teams enabled us to keep serving our customers unfailingly, develop the Group, and let THOM shine brightly – all despite the political instability in France, which led to reduced household spending. This achievement is something to be truly proud of.
What were the highlights of FY25?
Among the highlights of 2025, Agatha’s remarkable success both in France and abroad is worth mentioning. Agatha is rediscovering its shine thanks to the far-reaching work on its offer, store concept, and marketing platform undertaken by teams who are deeply committed to the brand’s revival.
In 2025 the Group also successfully incorporated Deloison – our jewellery brand specialising in engagement rings and wedding bands, whose position complements our historic brands seamlessly. It has been posting solid growth dynamics and is opening new showrooms.
This year, the Group also finalised the roll-out of its new ERP – SAP –, strengthening and securing its IT infrastructure in the long run in France. This was a major step forward for the Group, given how complex this type of project can be.
We also strengthened our leadership position by rolling out an ambitious plan across our territories: opening both directly-operated and affiliated stores, a model we are promoting in France to expand our current network.
Other highlights for FY25 include the achievements of our WeTHOM plan, which outlines our social responsibility approach and sustainable development model. The Group was very active on several fronts and registered highly positive progress, like the Great Place To Work. certificate, the imminent conclusion of our RJC certification process, a major reduction in our greenhouse gas emissions, and an increase in the share of recycled gold used in our activities.
In 2025, people remained at the forefront of the Group’s concerns...
Yes, we believe that THOM’s success relies above all on the men and women who make up the Group. That’s why we make sure to place THOM’s values at the centre of our commitments and decisions across the Group’s governing bodies, head offices, stores, and logistics platforms. That’s also why we promote the THOM Attitude leadership model, which inspires the daily behaviour of our managers and provides them with a concrete reference guide. The formulation and adoption of THOM attitude is a point of pride and a guarantee of success for the Group. In terms of governance, we can also take pride in the new, highly-experienced people who joined THOM’s Supervisory Board, as well as in K.vin Aubert’s appointment as Chief Financial Officer. He succeeded Cyrille Palitzyne – now the president of our Audit Committee – after a well-managed transition period. Our ability to keep adapting our governance is one of the Group’s real strengths.
What is the outlook regarding THOM’s challenges and priorities in 2026?
The major challenge we face is the soaring price of gold, which compels us to reinvent ourselves. To consolidate our leadership while maintaining the expansive product offer that sets us apart, we will focus on two key priorities this year.
We will:
• continue to strengthen our historic brands’ profitable growth model by enhancing their desirability, pursuing a pricing strategy that ensures attractive prices, and developing new high-value ranges with alternatives to our gold-based products;
• accelerate the development of Agatha, a brand that has reclaimed its original chic Parisian DNA and is currently enjoying exceptional momentum thanks to the comprehensive transformation undertaken over the past three years.
How are you feeling heading into 2026?
I believe the Group is in a great position to achieve its goals and pursue its development: year after year, it strengthens its leadership with brands that are highly appreciated and favored by consumers; it benefits from a very stable shareholder base; and it can rely on top-quality teams who are dedicated to delivering the best possible customer experience every day and allowing everyone to share a precious moment. As we begin this new year, I’d like to thank all our employees and partners who embody a remarkable mindset that combines:
• Caution, in an uncertain economic and political context that demands vigilance and forward planning;
• Boldness, which is essential for continuing to forge new paths, innovate, and make our brands, stores, product ranges, and services even more desirable;
• Confidence, which allows us to move forward with serenity and determination.