Swarovski, the Austrian crystal specialist, reported a 6% increase in 2024 revenue to €1.906 billion, as the family-owned company enjoyed a marked improvement in its business performance.
“Swarovski’s turnaround is in full motion, with another year of major progress, including strong organic growth and significant improvements in EBIT and cash, driven by record brand desirability, appealing product collections, and an immersive retail experience,” Swarovski said in a release Thursday.
Based in Wattens, Austria, the Swarovski Crystal Business—to give it its full name—also announced “robust 8% like-for-like growth in a difficult trading environment” for the fiscal year ending December 31, 2024.
Historically a reticent company when it came to revealing full results, Swarovski trumpeted a strong fourth quarter with 11% organic growth. It added that EBITDA was up double digits and that operating profit was fully positive for the first time in five years, though it did not provide an exact figure for either financial result.
The company went through a difficult couple of years, suffering rare losses, notably during Covid, but appears to be finally on the mend.
These results reaffirm the strength of Swarovski’s strategic direction under the LUXignite strategy and its related transformation around its Pop Luxury positioning, which complements the brand’s iconic heritage with contemporary cultural relevance, Swarovski stated in the release.
“This strong and consistent result 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 are a tribute to the dedication of Swarovski’s employees and partners around the world and to the support of our board and shareholders,” said CEO Alexis Nasard.
Swarovski began enjoying a revival after its first creative director, Giovanna Battaglia, was appointed in spring 2020. Battaglia introduced a more avant-garde and colorful design approach to the brand’s jewelry, coupled with a more democratic price point and the opening of stores in more popular destinations. Store profitability increased by 7% compared to 2023, Swarovski said.
In its release, Swarovski revealed that jewelry grew 9% organically, more than three times the overall general market. All regions contributed to growth, with Europe increasing sales by 11%, the Americas by 10%, and Asia by 3%, despite China’s slowdown.
“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 emphasis on superlative creativity, strategic investments, and financial rigor,” Nasard added.
The company also heralded record sales in the strategic U.S. market and its home market, Austria, as well as increased market share in eight out of the top ten markets.
In recent years, the brand has branched out into lab-grown Swarovski Created Diamonds, apparently successfully, as sales more than doubled compared to the previous year.
Finally, it noted that “the company achieved a fully positive operating profit in 2024, thanks to increased operating leverage and cost discipline, on the back of a 14% increase in EBITDA. This came together with major improvements in cash flow generation and leverage.”
Once again, however, Swarovski did not disclose exact figures.
Founded in 1895 in Austria, the company designs, manufactures, and sells the world’s finest crystals, Swarovski Created Diamonds and Zirconia, jewelry and accessories, home décor, and crystals for the automotive industry.
Swarovski Crystal Business is represented in over 140 countries worldwide with 2,300 Swarovski boutiques complemented by selected multi-brand partners and employs approximately 18,600 people.
Copyright © 2025 FashionNetwork.com All rights reserved.
