Austrian jewelry company Swarovski has reported strong sales for the past financial year, driven by growing demand for lab-created diamonds. The company saw a 6% increase in revenue, reaching €1.9 billion ($AUD3.27 billion). Notably, sales rose by 11% in the fourth quarter.
Swarovski’s jewelry sales grew by 9%, with revenue from its Created Diamonds collection doubling compared to the previous year. This significant increase in lab-created diamond sales is a key factor in the company’s overall performance.
For the first time in five years, Swarovski reported a positive operating profit. CEO Alexis Nasard expressed satisfaction with the results, especially considering the challenging economic environment.
“It’s gratifying to see strong and consistent performance despite the tough economic climate,” Nasard said. “These results reinforce the effectiveness of our ‘LUXignite’ strategy and showcase our ability to execute successfully.”
Nasard also credited the company’s success to the commitment of its employees and partners, as well as the support from the board and shareholders.
In addition to strong financial results, Swarovski recently launched a new jewelry collection created in partnership with award-winning singer Ariana Grande.
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