Crystal group Swarovski sees turnaround after losses

The crystal group Swarovski is eager to recover after taking a hard hit in previous years, making financial losses. Sales have already increased by about ten percent to about 1.9 billion euros in 2022, said the new CEO Alexis Nasard on Wednesday in Vienna.

The 56-year-old Lebanese CEO, the group's first leader who is not a member of the Swarovski family, believes that the group should start making profits again in 2023. The 127-year old company, which has its headquarters in Wattens, Austria, recently made the headlines due to a family feud over the company's future.

According to Nasard, the turnaround is promising. Apart from China, the company is reporting growth on practically every market. Swarovski's most important region is the United States, which represents around 20% of sales. The company is planning to open more stores in the region, Nasard said. China follows behind and Germany is the group's most important European market. Austria, Swarovski's domestic market, reportedly achieved particularly high growth in 2022.

Before the pandemic, the company, which specializes in crystal jewelry, generated sales of 2.7 billion euros in 2019. There is no plan to cut the number of employees, which currently stands at around 18,500, Nasard said.