Giglio.com Spa · MIL:GCOM
Giglio.com Spa — H1 2025 Earnings Presentation
34 slides from Giglio.com Spa's earnings presentation, Sep 25, 2025
Slide 1: H1 2025 Financial Results
H1 2025 FINANCIAL RESULTS 25-09-2025
Slide 2: GIGLIO.COM: a solid business model
GIGLIO.COM: a solid business model A strong business model delivering a strong performance STRONG BUSINESS MODEL STRONG PERFORMANCE An innovative marketplace, a community of over 200 Long-term track record of revenue growth confirmed connected boutiques and brands. Unlike other during and after the
Slide 3: H1 2025's key financials
H1 2025’s key financials Path to profitability temporarily diverted due to the luxury slot down all figures in mln Revenues vs. H1 2024 went down by 23% and, as a consequence of a 2-year long trend, went below the H1 2022’s revenues. This trend, -9.7 affecting the whole industry, is due to: - The lu
Slide 4: H1 2025's milestones
H1 2025’s milestones The main events of the semester Community Shopping A new business line which aims to synergistically connect its partners’ ecosystems and inventories. A large catalog of clothing and fashion accessories made available to affiliated multi-brand stores. Each Partner is now able to
Slide 5: H1 2025 in numbers
➢ Revenues contraction: -23% vs. H1 2024 REVENUES ➢ Strong improvement of the Average Item Value (+9%) as higher-end fashion brands take shares PROFITABILITY ➢ The challenging macroeconomic scenario and the luxury slow-down had an impact on revenues, increasing the incidence of the fixed expenses wi
Slide 6: Deep dive: economic and financial KPIs
Deep dive: economic and financial KPIs + GMV page 7 ➢ REVENUES AND GROSS PROFIT page 8 - Marketing & Communication page 9 - Fixed and variable expenses page 10 ➢ EBITDA MARGIN page 11-12 ➢ NET RESULT page 13-14 ➢ P&L page 15 ➢ Balance sheet page 16
Slide 7: Gross Merchandising Value (GMV) | Slowing down after the bubble
Gross Merchandising Value (GMV) | Slowing down after the bubble Refocusing in Europe as sales slides in North America and APAC GMV YEARLY TREND all figures in mln +20% -17% A renewed focus on the European markets, brought better -35% results in the old continent and in southern Europe: Italy (-17%),
Slide 8: Revenues and Gross profit | Strong improvement of marginality
Revenues and Gross profit | Strong improvement of marginality Improved marginality despite the difficult macro-economic scenario REVENUES AND GROSS PROFIT MARGIN GROSS PROFIT all figures in mln -38% -26% Despite the challenging scenario, the marginality of the company has Keeping the bar on the gros
Slide 9: Marketing & Communication | Outstanding Marketing Fundamentals
Marketing & Communication | Outstanding Marketing Fundamentals Controlled and highly efficient marketing investments COST EFFECTIVE MARKETING STRATEGY As a consequence of a prudent approach aimed at controlling MARKETING EXPENSE ON REVENUES margins and costs rather than chasing growth, the company k
Slide 10: Fixed and variable expenses
Fixed and variable expenses Optimized variable expenses while the fixed ones suffer a weaker top line VARIABLE EXPENSES FIXED EXPENSES AND OTHERS Marketing + transport, handling, packaging + duties + payment fees HR, G&A and others +70 bsp -290 bsp Strongly improved incidence of the variable expense
Slide 11: Adjusted EBITDA Margin
ADJUSTED EBITDA MARGIN Loss of 340 bsp due to a weaker top line ADJUSTED EBITDA MARGIN: 2025 vs. 2024 The Adjusted EBITDA margin suffered a -340 bps drop mostly due to an higher incidence of fixed expenses. Adj EBITDA margin Fixed expenses Adj EBITDA margin Gross profit margin Variable expenses H1 2
Slide 12: Adjusted EBITDA Margin
ADJUSTED EBITDA MARGIN A positive path to profitability temporarily interrupted in 2025 due to weaker revenues ADJUSTED EBITDA MARGIN Despite the challenging macroeconomic scenario, the company has maintained its recent upward trajectory, bringing it closer to the break-even in H1 2024. In H1 2025 t
Slide 13: Net Result
Net Result A positive path to profitability temporarily interrupted in 2025 due to weaker revenues NET RESULT The challenging macroeconomic scenario stopped the positive trajectory but the Net Result is still way above H1 2022’s ones when revenues where 4.6 mln € higher.
Slide 14: Net Result | Road to profitability
Net Result | Road to profitability Combining ambitions to growth with a gradual return to profitability 2025 2026 2027 Increase international share of sales to improve marginality Keep developing the e-concession model with the brands in order to reduce intermediations Build a strong commercial team
Slide 15: Profit & Loss
Profit & Loss Revenues and cost structure vs. 2023 vs. LY H1 2025 on total revenue H1 2024 on total revenue (all numbers in k) on total revenue Revenue € 17,391 € 22,616 Cost of revenue -€ 12,574 -72.3% -€ 16,087 -71.1% -1.2 Gross Profit € 4,816 27.7% € 6,528 28.9% -1.2 Marketing expenses -€ 746 -4.
Slide 16: Balance sheet
Balance sheet Balance sheet vs. end of 2024 (all numbers in k) 30/06/2025 31/12/2024 Delta Intangible fixed assets € 5,788 € 5,967 -€ 179 Tangible fixed assets € 1,093 € 1,192 -€ 99 Financial fixed assets € 250 € 250 €0 Total fixed assets € 7,131 € 7,409 -€ 278 ADJ Total fixed assets € 6,881 € 7,159
Slide 17: Corporate Presentation
CORPORATE PRESENTATION 25-09-2025
Slide 18: GIGLIO.COM: a solid business model
GIGLIO.COM: a solid business model A strong business model delivering a strong performance STRONG BUSINESS MODEL STRONG PERFORMANCE An innovative marketplace, a community of over 200 Long-term track record of revenue growth confirmed connected boutiques and brands. Unlike other during and after the
Slide 19: Our Story
Our Story Born in 1996 with the first online fashion boutique in Italy: GIGLIO.COM 2016 2021 2022 2024 From 1P to 3P We are 100 GIGLIO.COM in Piazza Exceeded 50 mln € revenue Release of the new Affari and 125k active customers Community Shopping feature The company reaches a The employee team now A
Slide 20: A solid business model: an innovative marketplace
A solid business model: an innovative marketplace An innovative business proposition connecting over 200 fashion boutiques MONTH 0 MONTH +9 MONTH +15 MONTH +18 Brands WHOLESALE The wholesaler The wholesaler pays The wholesaler sells the The unsold stock is Wholesaler MODEL orders the collection the
Slide 21: A solid business model: an innovative marketplace
A solid business model: an innovative marketplace An innovative business proposition connecting over 200 fashion boutiques RISK-FREE CASH CATALOG SUPPLY CHAIN INTERACTION PLATFORM INVENTORY GENERATIVE CONTROL & FULFILLMENT WITH CUSTOMER Different from the wholesalers Unlike Mytheresa, Luisaviaroma a
Slide 22: A solid business model: unparalleled selection
A solid business model: unparalleled selection Sourcing inventory from more than 200 partners: our Community Store Number of partners BRANDS IN E-CONCESSION MODEL Dozens of brands connected through an e-concession model, integrating their collections into GIGLIO.COM. MULTI-BRAND STORES Over 190 luxu
Slide 23: A solid business model: fully owned and flexible technology
A solid business model: fully owned and flexible technology A fully owned technology as a competitive advantage CUSTOM INTEGRATION EXTERNAL PROVIDERS Google Facebook Atelier98 Eversell Analytics Google Emarsys Affiliation Magic Ads E-fashion Store Hotjar Xmag CORE DATA WAREHOUSE COMMUNITY MERCHANT A
Slide 24: A solid business model: strong branded DNA
A solid business model: strong branded DNA A curated boutique “Proudly Made in Mediterraneo” A melting pot of cultures, peoples and aesthetic values. We are tireless seekers of beauty. We are inspired by the vitality and sense of inclusiveness typical of the Mediterranean, which are part of everythi
Slide 25: A solid business model: strong branded DNA
A solid business model: strong branded DNA A curated boutique “Proudly Made in Mediterraneo” Inclusiveness Sustainability Reliability Our mission is to enhance inclusive We promote system change with greater The satisfaction of our customers is the beauty (ethnic, physical, and gender) ecological in
Slide 26: Management Team
A solid business model: growing managerial structure Structuring a solid and experienced management team FOUNDERS FOUNDERS EMPLOYEES BREAKDOWN Breakdown by age Breakdown by gender GIUSEPPE GIGLIO FEDERICO GIGLIO CO-CEO & CO-FOUNDER CO-CEO & CO-FOUNDER # of employees, as of Aug. 31st 2024 MANAGEMENT
Slide 27: A solid business model: a global presence
A solid business model: a global presence Bringing luxury fashion to a global consumers’ demand Italy 36% Oth. Europe 32% North America 8% APAC 17% From the boutiques... to GIGLIO.COM... RoW 7% GMV 2024 by geo-area Addressing fashion lovers around the world - 150 countries served, - 10 languages ava
Slide 28: Strong performance: a long-term track record of growth
Strong performance: a long-term track record of growth Growth of both revenues and marginality at the same time 69,5% 64,7% 67,4% 64,2% 66,5% 55,4% +159% Revenues vs. 2019 pre-covid +195% Gross Margin vs. 2019 pre-covid +9 pp Share of international sales vs. 2019 pre-covid 29,1% 27,7% 27,9% 25,5% 26
Slide 29: Strong performance: outstanding marketing fundamentals
Strong performance: outstanding marketing fundamentals highly efficient marketing investments as focus on nurturing the customer base increases STRONG NEW CUSTOMER ACQUISITION AND COMPETITIVE COST OF ACQUISITION As a consequence of a prudent approach aimed at controlling margins and MARKETING EXPENS
Slide 30: Strong performance: excellent customer satisfaction and return rate
Strong performance: excellent customer satisfaction and return rate Outperforming all the benchmarks on Trustpilot 5 stars 86% 4 stars 5% 3 stars 1% 2 stars 1% 1 star 7% A <16% return rate due to impeccable customer service that 16% makes our customers satisfied with our service
Slide 31: Strong performance: quick return to profitability
Strong performance: quick return to profitability With a 2023 close to break-even EBITDA MARGIN A quick and on track return to profitability is confirmed by the Adjusted EBITDA margin trend in the recent history. It shows considerable improvements vs. 2023 (+20 bsp), vs. 2022 (+160 bsp) and vs. 2021
Slide 32: Strong performance: structurally positive financials
Strong performance: structurally positive financials Structurally positive Cash Flow and negative Net Working Capital An asset-light business model with negative Net Working Capital (all numbers in k) 12/31/2024 A low CapEx business model as it does not involve tangible investments on production or
Slide 33: Before you leave… Would you like to take a closer look to GIGLIO.COM?
Before you leave… Would you like to take a closer look to GIGLIO.COM? 33
Slide 34: GIGLIO.COM
GIGLIO.COM