Swarovski Returns to Profit, Doubles Lab Grown Sales
March 24, 25
(IDEX Online) - Swarovski returned to profit after five years, saw its 2024 revenue grow by 6 per cent and doubled its sales of lab grown diamonds.
The private, family-owned Austrian company said it was now recovering from losses during the COVID years and beyond, and said its turnaround was now "in full motion".
The Swarovski Crystal Business, with 2,300 outlets globally, reported EUR1.9bn ($2bn) revenue for the year ending 31 December 2024.
It did not provide a detailed breakdown, but said it had achieved record sales in the US and its home market in Austria, despite "a difficult trading environment".
Sales of Swarovski Created Diamonds more than doubled, it said, again without providing numbers.
CEO Alexis Nasard, said the company's LUXignite strategy - transforming Swarovski into a modern "pop" luxury brand - was blending its iconic heritage with contemporary cultural relevance.
"In 2025, instability in our operating environment will likely persist, but as we celebrate our 130th anniversary our focus will remain on the disciplined execution of our strategy, with continued focus on superlative creativity, strategic investments, and financial rigor," he said.
"Swarovski's turnaround is in full motion, with another year of major progress, including strong organic growth and significant improvements in EBIT and cash, driven by record brand desirability, appealing product collections, and an immersive retail experience."
Pic shows Swarovski Created Diamonds.