Fope — Earnings Release 2020

Jan 20, 2021

FOPE: 2020 NET REVENUES AT EURO 26 MILLION

2020 full-year sales meet and exceed expectations

Vicenza, 20 January 2021

FOPE (FPE:IM), an Italian goldsmith company, a leading player in the high-end jewellery sector, listed on AIM Italia, reported Euro 26.0 million in consolidated net revenues, meeting and exceeding pre-year-end expectations for Euro 25.0 million.

Compared to Euro 35.0 million in consolidated net revenues for 2019, 2020 saw a -25,7% contraction. This was exclusively attributable to the impact that the protracted lockdowns resulting from the Covid-19 health emergency had on the business both in Italy and abroad

Diego Nardin, FOPE Chief Executive Officer: "We are satisfied with our full-year revenues, which beat expectations; the 25,7% decline represents an average of the results achieved in the various countries where we operate. In this sense, while volumes fell sharply in certain markets as tourist flows dried up, other markets showed less severe contractions—and some countries saw year-onyear growth.

Comparing adjusted sales—i.e., excluding sales in countries with a significant tourist impact—there was a decline of just 11% in 2020 compared to 2019.

In such a challenging year as 2020, our market reacted positively and sent very reassuring signals about our brand, which remains extremely important for our retailers and the top choice for our customers."

The press release is available on the websites www.fopegroup.com and

FOPE (FPE:IM) is a historic Italian jewellery company established in Vicenza in 1929 and a leader in the fine jewellery market. With Euro 35 million in revenues in 2019, 46 employees, and a strong international presence (it generates 82% of its revenues abroad), FOPE pursues a strategic growth project based on expanding and consolidating the brand in the international luxury market by leveraging 4 competitive advantages: product quality, perfect combination of Made-in-Italy craftsmanship and technology, recognisable design, and long-standing customer relationships. FOPE operates globally through a well-established and select network of over 600 stores in 50 countries (with a direct presence in the US, Arab, and UK markets through the subsidiaries FOPE USA Inc., FOPE Services DMCC, and FOPE Jewellery Limited, respectively). The business model focuses on maintaining direct business relationships with multi-brand jewellery retailers (either independent or part of groups) that specialise in luxury products such as fine jewellery and watches. FOPE does not work with intermediaries: instead, it enters into direct partnerships that ensure the loyalty and reliability of the customer/retailer as well as an outstanding after-sale service. In 2015, the Company opened its first mono-brand store in Venice's Piazza San Marco and in 2019 a flagship boutique in the prestigious Old Bond Street in London. The entire production cycle—from prototyping to the shipping of finished jewels to over 50 countries— takes place inside the headquarters in Vicenza. FOPE's investments in R&D have led to an extremely high level of standardisation and automation, with proprietary technology that allows to optimise processes and times in order to deliver products of world-class quality. FOPE's jewels range from timeless classics featuring the iconic Novecento mesh to the more recent Flex'it lines, which include the original bracelets made flexible thanks to a patented system of tiny gold springs embedded in the mesh—strikingly elegant collections that always stand out in terms of comfort and portability. FOPE has obtained the voluntary TF (Traceability & Fashion) certification and is a certified member of the Responsible Jewellery Council.

ISIN of FOPE ordinary shares: IT0005203424 –ISIN of "FOPE POC 4.5% 2016-2021": IT0005203671

CONTACTS

FOPE INVESTOR RELATIONS MANAGER Diego Nardin, inv.relations@fope.com│ T +39 0444 286911

IR TOP CONSULTING

INVESTOR RELATIONS Maria Antonietta Pireddu, m.pireddu@irtop.com │ Federico Nasta, f.nasta@irtop.com | T +39 0245473884 FINANCIAL MEDIA RELATIONS Domenico Gentile, d.gentile@irtop.com │ Antonio Buozzi, a.buozzi@irtop.com | T +39 0245473884

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