Elumeo SE Maintains Stable Revenue Amid Market Challenges

Elumeo SE, a European leader in electronic gemstone jewelry sales, reported a slight dip in total revenue from EUR 45.8 million in 2022 to EUR 45.4 million in 2023. Despite a stable revenue performance, the company witnessed a significant growth in revenue from online sales, reaching EUR 14.5 million, marking an 8.4% increase over the previous year.

The company’s adjusted EBITDA faced a downturn, closing at EUR -383k due to increased investments aimed at expanding its TV and online distribution channels and a higher marketing budget, impacting the gross profit margin, which retracted to 50%. Nevertheless, operational improvements led to a better operating cash flow, trimming the loss to EUR -0.1 million from EUR -1.4 million in the previous year.

Elumeo SE’s innovative approach through its video shopping platforms and the introduction of JooliPay in India significantly enhanced customer engagement, reflected by massive growth in gross merchandise value and order numbers in the region.

Looking ahead to 2024, Elumeo SE optimistically anticipates a return to profitable growth, estimating revenue increase by 4-8% and adjusted EBITDA to rise significantly, pointing toward a positive trajectory powered by the international scaling of its core brand Juwelo’s video content offerings.