Business results
In 2022, the Group pursued a rapid growth strategy and expanded its retail chain by 20 shops in the Baltics, 4 of which in Latvia, 6 in Estonia, and 10 in Lithuania. With 64 shops and three online shops at the end of 2022, GIVEN became the largest jewellery retail chain in the Baltics.
Significant milestones in Latvia were the opening of a shop in Riga International Airport (RIX), as well as opening a first street-level flagship shop, located in the very center of Riga, Tērbatas street. The newly opened shops in Estonia in 2022 were the first GIVEN shops outside Tallinn. The first shop in Lithuania was opened on March, 2022 and at the end of the year the Group had shops in five of the largest cities of Lithuania.
In 2022 the Group’s net turnover reached EUR 12.8 million, which is by 97% more than in 2021. In 2022 retail revenue in Latvia accounted for 84%, in Estonia for 10%, but in Lithuania for 6% of the total. Despite the end of Covid-19 pandemic, in 2022 e-commerce still played a crucial role in the Group’s business and accounted for 6% of the Group’s retail turnover. The Group managed to not only grow its revenue from operations of new shops, but also to significantly grow its turnover in the existing retail chain due to investments in brand awareness, marketing, assortment, and personnel training.
The rapid growth was enabled by additional financing attracted in 2022 in the form of secured and subordinated bonds, in total attracting EUR 3.4 million.
While due to rapid growth and first years of operation, subsidiaries in Estonia and Lithuania closed the year with net loss, SIA “GIVEN Latvia” ended the year with its historically highest annual profit of EUR 1.2 million, which is 221% increase compared to 2021 (in accordance with the Law on Annual Reports and Consolidated Annual Reports in force in the Republic of Latvia). The Group closed the reporting year with a profit of EUR 13.4 thousand and EBITDA of EUR 2.2 million.
General information about the Group
GIVEN is a jewellery brand that stands for joy, beauty, love, creativity, and sustainability by expressing this in its jewellery – through design, unique collections of brands, and carefully considered details, making the valuable accessible.
AS GIVEN Jewellery is the parent company of GIVEN in Baltics. As of March 31, 2023 there were 44 retail shops in Latvia, 12 in Estonia and 10 in Lithuania.
GIVEN offers jewellery for women, men, and children to bring joyful accents to everyday life and to highlight the most important moments in life, as well as interest-free instalment payments, gold exchange and other services. Read more www.given.lv
AS GIVEN Jewellery consolidated and standalone audited financial reports for 2022 is attached to the announcement and is also published on NASDAQ Riga and web page https://givenjewellery.com/.