Swarovski Crystal Business 2023 results

Swarovski CEO, Alexis Nasard
Swarovski 2023: A Year of Sparkling Success and Strategic Mastery
While the global luxury market faces its share of crossroads, Swarovski Crystal Business stands out, not merely navigating through but thriving with remarkable achievements. The announcement of its fiscal results for the year ending December 31, 2023, is a testament to a journey marked by strategic foresight and exceptional growth.

Outshining Expectations in a Challenging Market

The year 2023 has been a landmark for Swarovski, showcasing a solid growth trajectory with a +4% increase in revenue to €1,832 million over the previous year. This achievement is highlighted by a +10% like-for-like growth, showcasing the brand’s increasing allure, innovative collections, and an engaging shopping experience that has propelled it well beyond the industry average in a decelerating luxury sector.

A significant milestone was reached with EBIT before restructuring costs turning positive for the first time since 2019, despite the challenges posed by adverse foreign exchange impacts. The final quarter of 2023 was particularly strong, with sales growth reaching +9% and EBIT before restructuring costs achieving its highest level since Q3 2018.

Strategic Vision

These impressive results affirm the success of Swarovski’s strategic pivot through the LUXignite strategy, blending the brand’s iconic heritage with a modern twist. This strategy, coupled with the transformation of the business model, has proven to be a winning formula.

Alexis Nasard, CEO of Swarovski, expressed deep appreciation for the dedication and support of the company’s employees, partners, board, and shareholders. Looking to 2024, Nasard highlighted a continued focus on strategic execution, emphasizing creativity in product collections and communication, alongside further investments in the retail network and defining brand moments.

The year 2023 witnessed widespread organic growth across all business and product categories, with notable achievements in retail sales, B2B crystals, and major product lines such as jewelry. The brand’s omnichannel strategy also saw significant growth, especially through swarovski.com. Additionally, a remarkable increase in store profitability underscored the brand’s operational excellence.

Innovation at the Core

Led by the creative vision of Giovanna Engelbert, Swarovski continued to elevate its brand through innovative collections, compelling communication campaigns, and a luxurious retail experience. The year also marked significant milestones with the opening of new flagship stores, exciting collaborations, and the introduction of new collections that resonate with both Millennials and Gen Z, further enhancing the brand’s appeal.

As Swarovski embarks on 2024, the focus remains on sustaining and accelerating profitable growth as part of the LUXignite journey. The brand is committed to further elevating its presence, enhancing the shopping experience, and maintaining financial discipline, promising another year of strategic achievements and success.