The Swarovski Crystal Business, a division of the Austrian family-owned company, experienced a remarkable 10% increase in sales in 2022, making it the strongest growth the company has seen in seven years. The impressive sales figures reached 1.83 billion euros, demonstrating Swarovski’s tremendous success compared to the previous year. In addition to this substantial growth, the company was also able to significantly reduce its losses in 2022.
This exceptional growth was observed across all major product categories, with jewellery leading the way with a remarkable 15% increase in sales. Furthermore, online sales, which now account for 20% of Swarovski’s retail business, also saw a 5% rise. These positive results underscore the effectiveness of Swarovski’s strategic direction and highlight the extraordinary potential of its iconic brand and products.
Alexis Nasard, who assumed the role of CEO in July 2022, expressed his heartfelt gratitude towards Swarovski employees and partners worldwide for their exemplary dedication and hard work. He also extended his appreciation to the family shareholders for their unwavering support.
The decrease in losses last year can largely be attributed to Swarovski’s brand enhancement strategy, which led to improved gross margins. Additionally, sales growth and operational cost savings played a significant role in reducing losses. Swarovski’s positioning was further strengthened through the introduction of new jewellery collections, such as WonderLux and WonderColor, as well as innovative retail concepts. These efforts, coupled with captivating brand campaigns featuring Bella Hadid and curated by creative director Giovanna Engelbert, garnered new attention and interest for Swarovski throughout 2022.
The company’s collaborations with luxury brands like Aquazzura, longstanding partnerships with automotive giants such as BMW, and the ten-year licensing agreement with EssilorLuxottica also contributed to its success.
As the company looks ahead to 2023, Swarovski remains optimistic about the future. Their new LUXignite strategy encompasses exciting jewellery designs, a collection of created diamonds, and curated shopping experiences aimed at delighting customers across the globe. The group has already made a promising start in all markets, including China, and is focusing on executing its new strategy and business plan. Swarovski aims to prioritize product innovation and further invest in its retail network and key brand moments.
Nasard concludes with confidence, expressing enthusiasm for the path ahead for Swarovski in 2023.
Useful links:
1. Official Swarovski Website
2. Shop Swarovski Crystal Business Products Online
