Swarovski has made a strong comeback, returning to profitability after five years of setbacks. The Austrian luxury brand, known for its iconic crystals and jewelry, announced a 6% growth in revenue for 2024 and reported a significant boost in sales of its lab-grown diamonds, marking a key milestone in its recovery.
The private, family-owned company highlighted that it has successfully navigated past the losses incurred during the COVID-19 pandemic, with its turnaround efforts now fully underway. For the year ending December 31, 2024, Swarovski’s Crystal Business generated EUR 1.9 billion ($2 billion) in revenue, with strong performances across the U.S. and Austria, despite ongoing challenges in the global retail environment.
While the company refrained from disclosing specific figures, it shared that sales of its Swarovski Created Diamonds more than doubled, showcasing the rising demand for sustainable and innovative luxury offerings. The surge in lab-grown diamond sales comes as part of Swarovski’s larger strategy to modernize its brand.
CEO Alexis Nasard shared his optimism about the company’s future, noting that its LUXignite strategy – which blends the brand’s rich heritage with a contemporary, “pop” luxury appeal – is gaining traction in a dynamic market. He emphasized that despite potential ongoing challenges in 2025, Swarovski will continue to focus on strategic investments, creativity, and financial discipline.
“As we mark our 130th anniversary, our commitment to superlative creativity and immersive retail experiences remains unwavering,” Nasard stated. “The strong organic growth we’ve seen, along with improvements in EBIT and cash flow, reflect the growing desirability of the Swarovski brand and our ability to innovate.”
The company’s recovery is not just financial; it’s an indication of Swarovski’s resilience in the face of adversity and its dedication to evolving while staying true to its legacy. As it moves forward, Swarovski’s future looks bright, with continued efforts to captivate customers through its refined collections and a dynamic retail experience.
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