My Jewellery saw its sales rise to 81 million euros last year, which is a new record. However, profits went down due to the strong expansion of the Dutch jewellery and clothing chain, which made its first appearance in France earlier this month.
Higher costs
My Jewellery’s first French store opened in the Parisian neighbourhood Le Marais, fulfilling an ambition that founder Hilgers already had when she graduated. The expansion was made possible by the rapid growth to sales over eighty million euros, Quote reports.
Profit nevertheless went down to 3.8 million euros, as My Jewellery reports higher costs. Personnel costs increased despite a decrease in the number of employees, while the company also invested 2.5 million euros in operational improvements, and two million euros went to store openings.
