Swarovski, the world-renowned crystal group, is showing promising signs of a turnaround after a period of financial losses. The company’s newly appointed CEO, Alexis Nasard, recently revealed that sales have already risen by approximately ten percent to around 1.9 billion euros in 2022. Nasard, who is the first non-family member to lead the group, is confident about the future of the company and anticipates a return to profitability by 2023.
Despite recent headlines surrounding a family dispute over the company’s future, Nasard remains optimistic about Swarovski’s potential for growth. He noted that the company has experienced growth in almost all markets, with the exception of China. The United States is currently the most significant market for Swarovski, accounting for around 20% of sales. To further capitalize on this market, the company has strategic plans to open more stores in the region. China and Germany also hold crucial positions as important markets for Swarovski, with Germany serving as the most essential European market. Additionally, Swarovski has experienced significant growth in its domestic market of Austria in 2022.
In 2019, before the onset of the COVID-19 pandemic, Swarovski recorded sales of 2.7 billion euros. Despite the challenging times faced by the company, Nasard has assured employees that there are no plans for downsizing. Currently, Swarovski employs approximately 18,500 individuals. With consistent sales growth and solid strategic plans in place, Swarovski is well-positioned to achieve a successful recovery and regain its status as a leading name in the crystal jewelry industry.
Useful Links:
1. Swarovski Official Website
2. Swarovski on Wikipedia
