(Alliance News) - Giglio.com Spa reported Tuesday that revenues for the first nine months rose to EUR39.1 million or 17 percent year-on-year.

GMV increased to EUR45.6 million or 22% year-on-year.

Revenues show a 63% increase compared to the first nine months of 2021, and GMV marks a 71% increase compared to that period.

As the company explains, two-thirds of GMV was made overseas, with a strategy of refocusing on Europe amidst a highly uncertain demand for luxury goods in North America and Asia. GMV is growing strongly in the Old Continent itself: up 135 percent in Germany, up 114 percent in Austria, up 66 percent in Switzerland, up 67 percent in France, and up 115 percent in the Netherlands.

The increasing incidence of more high-end product selections results in a 10 percent increase in the average value of products sold compared to the same period in 2022.

The company also reported a brilliant start to the Fall-Winter 2023 season, with GMV up 30 percent in September and 28 percent in October compared to the same months in 2022.

"We are moving in a market environment in which post-pandemic euphoric shopping has given way to a process of demand normalization. Precisely in light of this, the results we are presenting today are a true confirmation of our ability not only to gain market share but to strategically and energetically focus on the primary objective of profitability, thanks to our business model, which is resilient to the elements," commented Giuseppe Giglio, chairman and CEO of Giglio.com.

Giglio.com's stock is unchanged at EUR2.00 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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