Twelve stores and the online shop of the Swarovski crystal group have been closed since the beginning of the war in Ukraine. Now the Tyroleans want to withdraw completely from Russia.
“We have come to the conclusion that we cannot continue our dormant activities either,” said general manager Alexis Nasard in an interview with business magazine “Trend”. Nasard did not specify a timeframe for the withdrawal. Only so much: It will be “orchestrated and in compliance with all applicable laws, including economic sanctions and other trade restrictions.” So far, compliance with the sanctions has been ensured, assured the Lebanese, who has been CEO since last summer.
Nasard: ‘Don’t focus on reduction anymore’
However, the global sales network may not be thinned out as much as initially planned. Originally, according to the report, only 2,250 of the 3,000 monobrand stores would remain, currently there are 2,400. “It will remain around 2,400 in the coming years. Our focus will no longer be on reduction, but on renovating the stores. The fact that we are not phasing out further also has to do with the fact that spontaneous purchases in the store play a major role for Swarovski customers,” explains Nasard.
The crystal group has had to contend with severe turbulence in recent years. This affected the management of the Group on the one hand and the economic situation on the other, not least due to the Corona crisis. A few days ago, however, Swarovski presented another sales increase. Against this background, Nasard promised in an interview with the “Krone” that Wattens, with a workforce of 3,000 employees, is and will remain the “heart of Swarovski”. More than 50 million euros must be invested there over the next two years. No jobs will be cut.
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.
