Beaverbrooks, the renowned jeweller, has defied the odds and experienced a remarkable rebound from the devastating impact of the Covid-19 pandemic. In a remarkable feat, the company’s sales have surged by an impressive 36.5% when compared to pre-pandemic levels in 2019. This strong performance puts Beaverbrooks on track to achieve a year that surpasses its most profitable year in 2019.
One noteworthy aspect of Beaverbrooks’ recovery is the significant increase in sales of diamond jewellery, which have risen by 28% compared to two years ago. This is particularly remarkable considering the 19% increase in diamond prices. Despite the higher prices, customers have shown a strong inclination to invest in sentimental items and purchase gifts for their loved ones.
The surge in sales can also be attributed to the increased interest in watches, gold, and silver jewellery. Beaverbrooks has experienced a staggering increase of 58% in watch sales, 28% in gold jewellery sales, and 43% in silver jewellery sales. This indicates a strong customer preference for these categories, further contributing to the company’s overall success.
While Beaverbrooks continues to thrive through its physical stores, where customers prefer to experience the products firsthand, its online and mail order channels have also seen exceptional performance. This is a testament to the company’s ability to cater to the evolving needs and preferences of its customers.
According to Managing Director Anna Blackburn, the high sales figures can be attributed to the growing demand for gifting this year. Customers are eager to create lasting memories after a year filled with lockdowns and canceled plans. Despite the uncertainty surrounding the emergence of new Covid variants, there has been a sustained high volume of sales as customers remain determined to treat their loved ones to something special during the holiday season. This reflects a nationwide desire for a “normal” Christmas, with people yearning for a return to pre-pandemic traditions and celebrations.
This positive update comes following Beaverbrooks’ recently filed annual results for the year ending February, which demonstrated the company’s resilience in the face of challenging circumstances. Although there was a decline in sales from £143.2 million to £123.1 million during the pandemic year, Beaverbrooks managed to maintain its pre-tax profits at £10 million, only slightly decreasing from £10.7 million.
Beaverbrooks’ impressive recovery and sustained growth highlight its ability to adapt to changing market conditions and meet the evolving needs and desires of its customers. With a successful year on the horizon, the jeweller is poised to leave a lasting imprint in the industry and continue offering exquisite pieces that capture the essence of special moments and loved ones.
Sources:
– Beaverbrooks
– Example
