At the Tyrolean crystal group Swarovski, a family member is gaining influence. Paul Swarovski, father of TV presenter and pop singer Victoria Swarovski, holds various positions in the Swarovski Group and joins the advisory boards of the crystal division Swarovski Optik and Tyrolit.
Swarovski has been named to the advisory boards by the required majority of shareholders, it said Tuesday.
Predecessors criticized the organizational form
Paul Swarovski follows the positions of Christoph Swarovski, who retired from all positions in March and wants to become a sole shareholder. This had criticized the organizational form of the crystal group. Last year, Alexis Nasard became the first person outside the family to take over the management of the company.
“New beginnings through collaboration and compliance”
Paul Swarovski, who studied law and industrial engineering and represents the family group “Verband Wattens”, was general partner and member of the board of directors of Swarovski Crystal Business (SCB) from 2002 to 2011. In his own words, he now hopes for a “new start through cooperation and compliance to put the company back on the road to success”.
A few years ago, Swarovski was one of those “oppositionists” who mobilized against the plans of then CEO Robert Buchbauer. This had triggered a restructuring of the group – including large-scale layoffs in Wattens – which part of the family clan did not agree with. An arbitration court eventually ruled that the structural reform was illegal and should be reversed. Corresponding proceedings were still pending.
The group recently came with positive news: in fiscal year 2022, Swarovski recorded a growth of ten percent compared to the previous year and had a turnover of 1.83 billion euros.
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.
