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Tous updates logo, brand image; eyes €400 million in sales
“This all came about when we started planning the 100th anniversary of Tous in 2020. That is, before the pandemic. We thought that, in order to create a future and live another 100 years, we had to preserve our DNA and go through a period of transformation while adapting to the market. This is the result," said Alba Tous, president of the Spanish jewelry company Tous that, on Thursday, September 15, presented its revamped brand image, accompanied by a global advertising campaign. With its new brand identity, the century-old company is seeking to "redefine its corporate purpose".
Through its new brand image, Tous embraces the attributes of audacity, creativity and sense of humor, while redefining its iconic symbols, such as the bear, which became three-dimensional, and specifies its brand purpose in six words: "We craft a world of joy".
With this phrase, which could be translated as "we create a world of happiness" (with an emphasis on the concept of craftsmanship implicit in the word "craft"), the firm seeks to put two concepts at the center of its brand strategy: self-expression and creativity, as underlined in a press release by Anna Sió, brand experience director of Tous, and Israel Roca, design director of the brand. Both were just recently welcomed into the brand's team, in what the company defined as a strategic commitment to talent.
The most concrete evidence of Tous' rebranding strategy is its new logo, which replaced the one created in the 90s. According to the company, it is a "forceful, robust and at the same time a pleasant design due to its rounded shapes, which allows for a higher level of customization and improved readability in the digital sphere."
In parallel, the company is working on a store concept that will incorporate this new brand image and that will be gradually implemented in Tous' network of more than 700 stores.
"A realistic goal would be to have renovated, within a year, 25% of our stores," said Alba. "There will be even some changes made in stores that are not 100% renovated, for instance, by updating their signs," added Carlos Soler Duffo, CEO of the company.
In addition to this new logo, the company's evolution will take the form of "a comprehensive review of customer relationship methods and an exploration of visual codes". Thus, the frequency of new product launches will be increased and the company will focus on designs that allow for multiple combinations.
Tous encapsulates these novelties in an advertising campaign that draws closer to the world of fashion (a commercial that incorporates the audiovisual codes of the sector) and which launches this September 15 globally in the 50 or so markets in which the company operates.
No price increases while targeting €400 million
Although Tous has not disclosed the amount invested in this rebranding project, which makes part of its 'Tous Next' strategic plan (founded upon customer service, sustainability and improved procedural efficiency), the company did assess the current fiscal year.
"Last year was good considering its context, as we achieved an anticipated recovery for two years in a single year. So far in 2022, we are happy and satisfied. The coming months are expected to be very complicated and have a lot of weight in our turnover," said Soler Duffo.
Will Tous reach, as expected, a turnover of €400 million?
"That is our hope and we look forward to meeting that forecast," said the CEO of the company.
When reviewing the year so far, there is one issue that cannot be ignored: the rampant inflation rate in the Spanish market, in particular, and in the European market in general. Tous has not raised its retail prices yet, "but it is something that cannot be ruled out," said Alba.
"We have put it on the table, but, for the moment, we are holding off, since as a company we are undergoing many changes," she added.
Russia's geopolitical context is another crucial problem being brought up in 2022. In March, the company announced the suspension of its activity in the country (where it had 28 stores of its own and around 20 more in the hands of associates) and, a few months ago, the definitive cessation of its direct operations in the market. What will be the impact of this decision on the company's financial statements?
"Although we do not break down our figures by country, it is true that we were very pleased with the Russian market, we had done a very good job and we were planning to expand. We have had to adapt and it is one more challenge to add to the list," said Duffo.
After experiencing tremendous growth in 2021, with sales of €384 million (2.8% below those of 2019) and net profits of €22.3 million, Tous is entering a new phase with its change of logo, which has turned out to be the most visual expression of a strategic transformation that has already been underway for months.
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