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Swarovski returns to profitability in 2023

By Prachi Singh


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Swarovski-Flagship in New York Credits: Swarovski

The family-owned Swarovski Crystal Business posted growth of 4 percent to 1,832 million euros for the year 2023 and a 10 percent like-for-like increase amid a slowing luxury market, and a volatile geopolitical and macro-economic environment.

The company said in a statement that EBIT before restructuring costs returned to positive territory for the first time since 2019, despite significant adverse foreign exchange impact.

The company added that a strong fourth quarter was key in lifting the overall performance in 2023, with a sales growth of 9 percent and EBIT before restructuring costs reaching the highest level since Q3 2018.

“These strong results further reconfirm the pertinence of the Luxignite strategy and the lasting power of our iconic brand and unique savoir-faire," said the company’s CEO Alexis Nasard.

"Our focus in 2024 will be on the disciplined execution of our strategy, with a continued focus on superlative creativity in our product collections and communication, and further investments in our retail network and major brand moments,” Nasard added.

The company’s retail sales were up 4 and B2B crystals sales rose by 5 percent. All major product categories, led by jewellery, increased 6 percent, while top-10 markets achieved like-for-like growth, with sales in key cities up 13 percent. The company further said that omnichannel growth with off-line up 5 percent and on-line up 4 percent, with Swarovski.com up 11 percent. Swarovski reported a strong increase of 36 percent in store profitability.

2023 marked a number of new chapters in the brand’s 128-year history, with a new flagship stores in New York and Seoul, as well as a collaboration with Skims and the launch of a new eyewear collection in collaboration with our licence partner EssilorLuxottica.

Executive Report