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Swarovski reports 4 per cent increase in sales

Swarovski, the family-owned crystal and jewelry company, reported a 4 per cent increase in sales to $1.99bn and 10 per cent like for like growth during 2023.That compares with a with a 10 per cent increase in sales during 2022 to $1.89bn, its strongest growth in seven years.

The 128-year-old Austrian business said growth represented strong progress and was "well above market growth in a slowing luxury market, and a volatile geopolitical and macro-economic environment."

It said EBIT (earnings before interest and taxes) before restructuring costs were positive territory for the first time since 2019, despite significant adverse foreign exchange impact."Our focus in 2024 will be on the disciplined execution of our strategy, with a continued focus on superlative creativity in our product collections and communication, and further investments in our retail network and major brand moments," said CEO Alexis Nasard, the first "outsider" to head the family business.

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