The Tyrolean crystal group Swarovski, which has often been in the negative news in recent months and years, is reporting a positive sales result for the 2022 financial year: a growth of ten percent compared to the previous year was recorded and the turnover amounted to 1. 83 billion euros, the company from Wattens announced on Friday.
After three years of heavy losses, the 2022 financial year closed with a “very strong improvement to an almost positive result”, those responsible were satisfied. And this despite a “highly volatile geopolitical and macroeconomic environment,” it added.
Sales growth was achieved across all product categories, led by jewelry at 15 percent and all business areas with retail sales at 13 percent and industrial customers at 5 percent. All markets, with the exception of China, also grew by 18 percent. In addition, all sales channels, including online sales, would show a profit (plus five percent).
“Exceptional Potential”
“These encouraging results confirm that our strategic direction is correct and that our iconic brand and product have exceptional potential,” said CEO Alexis Nasard. The business development in 2022 is a “first result of the strategic transformation initiated in 2020”.
Violent turbulence in recent years
The crystal group had experienced severe turbulence in recent years. This had consequences for the group’s management and the economic situation, not least because of the corona crisis. Ex-CEO Robert Buchbauer initiated a restructuring of the group – including large-scale layoffs in Wattens – that part of the family clan disagreed with. An arbitration court eventually ruled that the structural reform was illegal and should be reversed. Last year, Nasard became the first person outside the family to take over the management of the company.
It was not until the beginning of February that the Tyrolean Workers’ Chamber signaled a new “wave of redundancies” in Wattens. However, the group opposed this presentation: there are currently no further plans for a “structural staff reduction” at the headquarters.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
