Spanish jewelry brand Tous is establishing a presence in the U.S. with a unique strategy that includes a tight product assortment and a limited physical footprint.
The 104-year-old jewelry brand, known for its playful bear motif and accessible fine jewelry, reported record-breaking revenue of $570 million for its fiscal year ending in March 2024, a 9.4% increase from the previous year. Its EBITDA rose 6.4% year-over-year to $124 million, while its net profit dipped slightly to $49 million. In parallel, the Tous family regained full ownership of the business, buying out private equity firm Partners Group nearly a decade after the initial investment.
Now, it’s putting new capital and leadership behind its U.S. reboot, as the market remains poised for growth. According to investment bank Greenwich Capital, the U.S. jewelry market reached $73 billion in 2023 and is projected to grow to $97 billion by 2030.
Tous already has 20 U.S. stores, including locations in Florida, New York and San Diego, plus another 20 in Puerto Rico. However, despite being in the U.S. market for over 20 years, local awareness is still significantly below the brand’s awareness in Spain and Mexico. Rather than aggressively scaling storefronts, Tous is prioritizing a slower rollout focused on emotional connection and assortment clarity. In March, the brand opened its first-ever “Tous Atelier” store at Rockefeller Center to showcase its new offerings, like its Atelier fine jewelry collection.
“In a market with less awareness, too many collections can confuse consumers,” said CEO Carlos Soler-Duffo, speaking to Glossy at Shoptalk Europe in early June. “In Spain, we have so many types of customers and so many collections. But [in the U.S.], we’re focusing on tighter product edits, with a focus on our iconic lines.”
Tous prices range from $50 for silver earrings to $5,000 for Atelier pieces in 18-karat gold. The core collections feature delicate motifs, stackable rings and charms — all aimed at creating what Soler-Duffo calls “jewelry with soul.” New lines like Suot Studio target younger, design-forward consumers, while Atelier appeals to those seeking investment pieces.
“Expansion is mechanical,” said Soler-Duffo. “What matters more is resonating with the market. We’re working on how to connect our products with people, both our customers and our teams, in a way that feels authentic and clear.” To strengthen emotional appeal, Tous has invested in gifting-focused in-store experiences, refreshed its service training, and run social campaigns centered on personal milestones and relationships, such as graduation and “first jewelry” moments.
“We’ve gone from just showing products to narrating what’s behind them: why they matter, who wears them and how they fit into your life,” said Soler-Duffo. “That emotional layer is something we’re doubling down on in markets like the U.S.”
Since early 2024, Tous has invested $34 million into U.S. store renovations, logistics and IT upgrades. It plans to spend another $131 million over the next three years to support its global growth and digital infrastructure. Last year, Tous updated 50 stores globally, and it recently launched a new e-commerce platform. Its online sales now represent 23.5% of revenue and, over the last year, grew 10%.
In the U.S., Tous is also exploring department store partnerships. The company is in early conversations with select department stores and multi-brand retailers. In January, it hired Joseph Cavalcante, formerly of Temple St. Clair, as vp and managing director for the U.S.
At a time when competitors like Pandora and Mejuri are cutting through the noise with mass and minimalist strategies, Tous is betting on its 100-year legacy, elevated design and bear mascot’s emotional resonance to win in the jewelry market.
“The U.S. customer is ready for more emotion in jewelry. People are looking for pieces that feel like them, not just trends. That’s our lane. [In Spain and Mexico] we’ve become a love brand,” said Soler-Duffo. “That’s not easy to replicate.”
Tous is seeing increased traction among 18- to 30-year-olds. “That stretch is exactly what we aimed for,” he said.
