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Swarovski closes 2022 with double-digit sales growth
Swarovski Crystal Business, the crystal division of the Austrian family-owned company, recorded its strongest growth in seven years in 2022, with a 10% increase in sales to 1.83 billion euros compared to the previous year.
In 2022 Swarovski managed to reduce its losses. The business saw extensive growth across all major product categories, led by jewellery at +15%. Online sales, which account for 20% of the retail business, grew by 5%.
"These encouraging results confirm that our strategic direction is right and that our iconic brand and products have exceptional potential. I would like to thank all Swarovski employees and partners around the world for their exemplary commitment and the family shareholders for their strong support," announces Alexis Nasard, CEO since July 2022.
The significant reduction in last year's losses to a "near-positive result" was mainly due to the gross margin improvement in line with the brand enhancement strategy, sales growth and operational cost savings, the company explains.
The new jewellery collections, the WonderLux and WonderColor retail concepts and the brand campaigns with Bella Hadid imagined by creative director Giovanna Engelbert, also improved Swarovski's positioning and brought new attention to the company in 2022.
New collaborations with luxury brands such as Aquazzura, as well as with long-standing automotive partners such as BMW, and the new ten-year licensing agreement with EssilorLuxottica, had also contributed to this.
The group looks forward with confidence to 2023, "based on exciting jewellery designs, a new collection of created diamonds and curated shopping experiences designed to delight customers around the world, which are part of the new LUXignite strategy," Swarovski said.
"We have made an encouraging start in all markets, including China, and our focus in 2023 will be on our new LUXignite strategy and business plan, with a focus on product innovation and further investment in our retail network and key brand moments," Nasard concludes.
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