Context: How Bolsas y Mercados Argentinos (BYMA) works, and what it makes issuers disclose · Argentina on the LatAm Power Map
For 130 years Grimoldi has put shoes on Argentine feet. Today it runs the country’s largest branded-footwear network — and has just signed Spanish fashion giant Mango to expand it into clothing.
| Full name | Grimoldi S.A. |
|---|---|
| Ticker / exchange | GRIM — Bolsa y Mercados Argentinos (BYMA), Buenos Aires |
| Headquarters | Florida 253, Buenos Aires, Argentina |
| Sector | Consumer Cyclical — Footwear & Accessories |
| Employees | ~516 (PitchBook, 2026) |
| Market value (market cap) | ARS 115.2bn (~US$78.8m) — EODHD |
| Yearly sales (revenue, FY2025) | ARS 276.5bn (~US$189.3m) — EODHD |
| Net profit (FY2025) | ARS 14.9bn (~US$10.2m) — EODHD |
| Net margin (TTM) | 2.4% — EODHD |
| Return on equity | 5.9% — EODHD |
| Price-to-earnings (P/E) | 18.1× — EODHD |
| Dividend yield | 0% — EODHD |
| Net cash (our calculation) | ARS 13.1bn (~US$9.0m) — no financial debt reported |
| Website | grimoldi.com |
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What it is
Grimoldi is less a product brand and more a marketing platform: it manages a network of stores across Argentina and operates international brands such as Vans, The North Face, and Timberland, combining import, distribution, and retail under the same umbrella.
The group runs around 80 own stores, nearly 30 franchises, and serves some 500 multi-brand retail customers. Production assets include a factory in Arroyo Seco, Santa Fe, and a sole-manufacturing plant in Pilar, Buenos Aires.
Who owns it
The company was founded in 1895 by Italian brothers Alberto and Enrique Grimoldi, with the financial support of their brother-in-law Luis Grissetti. It is today led by the fourth generation of that founding family.
The Grimoldi family remains the controlling shareholder; the EODHD data shows no disclosed insider percentage but records roughly 49.5% held by institutional investors, implying a meaningful free float. Exact family ownership stakes are not disclosed in available public filings.
Who runs it
Since 1988, Alberto Luis Grimoldi has served as President and Chairman of Grimoldi S.A. He also served for 20 years, until 2012, as a director of Wolverine World Wide Inc., the Michigan-based footwear group that owns Merrell and Kickers — brands Grimoldi distributes in Argentina.
Day-to-day deal-making is handled at least in part by Hernán Grimoldi, who described the new Mango partnership as “the entry of the company into the world of fashion clothing.” A separate CFO is not disclosed in available sources.
The money, in plain words
In FY2025, Grimoldi sold ARS 276.5bn (~US$189m) worth of shoes and accessories — a nominal decline of 4.7% from FY2024 (our calculation), which in real terms after Argentina’s high inflation represents a meaningful volume gain: the firm sold 2.48 million pairs of shoes, 16% more than in 2024.
It kept ARS 14.9bn (~US$10.2m) as net profit — a net margin of 2.4% on the trailing twelve months (EODHD), thin but positive in one of the world’s most difficult retail environments. The company partially offset a fall in operating profitability with better financial results, which dropped from 13.7% to 7% of sales, cushioning the bottom line.
For every peso of owners’ equity, Grimoldi earns about 5.9 cents a year — a return on equity of 5.9%, modest by global standards but achieved debt-free: the balance sheet carries no reported financial debt, and sits on ARS 13.1bn (~US$9.0m) in net cash (our calculation). The company deliberately cancelled all financial debt to prevent rising interest rates from eroding results, as they did in prior cycles.
At a price-to-earnings ratio of 18.1×, the market is paying a mild premium for that resilience. It pays no dividend at present.
What it is doing now
Grimoldi has confirmed it signed an agreement to bring Spanish fashion brand Mango back to Argentina — absent since the 2001 crisis — with a contract covering five store openings over five years, the first planned for the Alto Palermo shopping centre, plus an online channel.
Grimoldi plans annual investment of roughly US$2.5m to build out the Mango model in Argentina. At the same time it is deepening its direct-to-consumer push: own stores and e-commerce already account for 67% of sales and 56% of pairs sold.
What to watch
- Mango execution. Moving beyond footwear into fashion clothing is a genuinely new challenge for a company that has built its entire identity around shoes.
- Import competition. The factory remains central to supply, but management has said it must lift productivity further to compete with a surge of cheaper imports as trade barriers fall.
- Macro stabilisation. Monthly inflation has fallen toward 4% after government austerity, and peso-stabilisation talks could improve consumer confidence and real purchasing power — the single biggest swing factor for a domestic retailer.
- Margin recovery. The gross margin fell 3.2 percentage points to 51.3% in FY2025 as the company chased volume; whether it can rebuild margin now that volumes are recovering is the key earnings question.
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Sources
- Harvard Business School — Creating Emerging Markets, Alberto Grimoldi profile
- Fundación Konex, Alberto Grimoldi biography
- Grimoldi S.A. LinkedIn corporate page, ar.linkedin.com/company/grimoldi-s.a.
- Modaes Global, “Grimoldi: The $200 Million Powerhouse Behind Mango’s Comeback in Argentina” (March 2026)
- Ámbito Financiero, “Grimoldi trae Mango al país” (March 2026)
- Agroempresario / IProfesional, “Grimoldi sostiene ganancias en 2025” (April 2026)
- IProfesional, “El plan de negocios de Grimoldi para sobrevivir en 2025” (March 2025)
- PitchBook company profile, Grimoldi S.A.
- Market data: EODHD.
This is news, not investment advice.
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