- Amid a global slowdown in luxury consumption, the renowned crystal jewellery brand Swarovski is taking a strategic approach to navigate the changing landscape.
- The chief executive officer of Swarovski, Alexis Nasard, is driving the company through a major transformation, focusing on higher-margin jewellery and reducing the workforce – a strategic shift that aligns with the evolving preferences of today’s consumers.
- Wealthy individuals wishing to purchase luxury items from Swarovski should use a secure money transfer service when making payments.
In a global market where luxury brands are feeling the effects of slowing sales, Swarovski, the renowned crystal jewellery brand, is taking a different approach by collaborating with celebrities such as Kim Kardashian and opening a flagship store on New York’s Fifth Avenue.
Despite this overall trend, there have been optimistic export sales performances in the US, China and German-speaking markets.
With sales growth expected to decline or remain relatively unchanged this year, Swarovski’s Chief Executive Officer, Alexis Nasard, is placing bets on Fifth Avenue and the influence of Kim Kardashian’s advertising campaign to drive profits and cash flow.
In an interview with Bloomberg News, Nasard shared the company’s plans to maintain its marketing efforts, upgrade stores worldwide and keep its retail footprint intact while projecting double-digit profits and cash flow increases.
With its rich history dating back to 1895, Swarovski has remained family-owned – it has built a reputation for its affordable collectable figurines and cut-crystal jewellery, and has consequently maintained significant revenue, having generated $1.96bn last year.
Wealthy individuals wishing to purchase luxury items from Swarovski’s upcoming spring 2024 collection should use safe international money transfer options when importing items.
With its flagship store in the heart of New York’s high-end shopping district, Swarovski aims to shape its image in the minds of consumers across the globe. As trends travel quickly between major cities, the brand understands the significance of making a mark in key locations.
Plans provided by the company reveal a 14,000-square-foot space spread across two floors on 680 Fifth Avenue, near the Rockefeller Center, with a vibrant colour palette that displays Swarovski’s signature octagons.
One of its recent ventures is a partnership with Kim Kardashian and her Skims bodywear range to design a crystal-imbued line.
Additionally, Swarovski is investing in areas such as artificial intelligence, lab-grown diamonds and automation to better understand consumer preferences and enhance its supply chain.
UK high net-worth individuals (HNWIs) looking to purchase items from Swarovski’s new collection should research the currency exchange rates when completing transactions.
Wealthy HNWIs wishing to buy ready-to-wear items from the brand’s luxury collaborations can use our money transfer comparison tool to find the best transfer options.
