On March 20, Austrian crystal brand Swarovski announced its 2024 financial results, reporting annual revenue of €1.906 billion, a 6% increase year-over-year. The company highlighted that its brand transformation is progressing steadily, with particularly strong performance in the fourth quarter, achieving an 11% organic growth rate. Additionally, after five years, the company returned to operating profitability.
LUXignite Strategy Drives Performance
In recent years, Swarovski has been implementing its LUXignite strategy, blending the brand’s heritage with contemporary cultural relevance to establish its “Pop Luxury” positioning. This approach has significantly boosted brand desirability, reaching an all-time high, and improved overall profitability.
CEO Alexis Nasard commented on this success, stating: “This strong and consistent results delivery further validates the potency of the LUXignite strategy and Swarovski’s ability to execute with excellence. These achievements in a difficult and volatile environment is a tribute to the dedication of Swarovski’s employees and partners around the world, and to the support of our board and shareholders.”
Looking ahead to 2025, he added: “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.”
Jewelry Business Sees 9% Growth, Lab-Grown Diamonds Surge
Swarovski’s jewelry segment achieved 9% organic growth, outpacing the general market growth rate by more than three times. Additionally, Swarovski Created Diamonds, the company’s lab-grown diamond category, saw sales more than double year-over-year, reinforcing the brand’s expanding influence in the sector.
From a regional perspective, Europe saw an 11% increase, while the Americas grew by 10%. Despite economic slowdown in China, the Asian market still managed a 3% increase, reflecting solid overall growth.
Strategic Initiatives Accelerate Brand Value
Swarovski’s 2024 growth was fueled by new product launches and well-executed marketing strategies. Among the key initiatives contributing to its success were:
- Global expansion of the Eternity Collection – a premium jewelry line featuring Swarovski Created Diamonds.
- Collaboration with Ariana Grande – the Swarovski x Ariana Grande Capsule Collection, which saw notable success.
- New couture presentations at the Met Gala – Creative Director Giovanna Engelbert showcased Swarovski’s high-fashion craftsmanship.
- Opening of a new flagship store at Piazza del Duomo in Milan, further strengthening brand presence.
- Licensing agreement with Coty, launching a Swarovski-branded luxury fragrance line.
These initiatives proved effective, with Swarovski reaching its highest-ever brand desirability in 2024. Moreover, the brand successfully appealed not only to its traditional customer base but also resonated strongly with a new generation of consumers.
Swarovski Celebrates Its 130th Anniversary
In 2025, Swarovski will mark its 130th anniversary. Under the theme “130 Years of Joy,” the company aims to reaffirm its rich heritage while setting a clear vision for the future.
For this milestone year, Swarovski has identified key priorities, including enhancing profitability, further strengthening brand value, innovating customer experiences, and maintaining financial stability.
Looking ahead, the company remains committed to its “Pop Luxury” strategy, blending tradition with innovation as it continues to expand into new markets and evolve for the next generation.
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