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Swarovski scores 6% rise in 2024 revenue to €1.906 billion

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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 CEO Alexis Nasard

“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.

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Willy Chavarria touts strong POV to fashion students during talk

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Since launching his brand in 2015, Willy Chavarria has earned a reputation for putting on a thought-provoking and wildly expressive show. So, it’s no surprise that during a chat at Parsons School of Design hosted by fashion veteran (and de facto fashion fairy godmother) and Parsons board member Julie Gilhart, one guest, a fan who knows the designer’s penchant for street casting, auditioned for Willy’s next runway show there on the floor of the Tishman Auditorium. The design school will honor Chavarria at the 76th annual Parsons Benefit on May 20, 2025.

Willy Chavarria and Julie Gilhart on stage at Parsons alongside design collaborators and students. – Photo by Dillon Yruegas, courtesy of Parsons School of Design

FashionNetwork.com was there to witness the discussion between the industry veterans. Based on the bevy of students who asked questions, Chavarria greatly inspired the next generation of designers, Latino and otherwise, with his brand ethos to “raise people, to make people feel good, and to celebrate human dignity as its foundation.”

Q&A session with Willy Chavarria.
Q&A session with Willy Chavarria. – Photo by Dillon Yruegas, courtesy of Parsons School of Design

“Unfortunately, many brands neglect to have a point of view in the world, which can be risky because of how divided and divisive the ideologies are, whether left or right. Most brands are afraid to lose one of those sides, so they play it safe, and then it is boring because there’s no point of view. It’s safe to say that fashion is predominantly boring,” said Chavarria, noting that his success proves that you can have a strong POV and still be successful.

That said, being provocative does have limits if you want to sell clothes. “I’m running and growing a business, and I believe you can take a position on humanity and still grow a business. At some point, I think we all have a decision in living in the world: whether we live in the city or pick up weapons and fight somewhere. There are different levels of existence, and my level of existence is doing what I do in a way that gives back the best I can,” he said when asked how far is too far. He noted that if you want to earn a living, you may have to be mindful of the more corporate voice, especially when working with brands such as Adidas and Ralph Lauren.

He also suggested something the administration might consider. “There is a corporate word, emotional maturity. But there’s an emotional maturity that I’m surprised you don’t get taught in school. It comes with how you work with others and interact, which only comes with experience. I learned that, and I’m still learning that,” he added. “I loved everything I learned in school and feel lucky for that, but I learned so much in the workforce. Those two things together will make you well-rounded and full.” The designer also remembered hearing the late Willi Smith give a talk as a student.

Julie Gilhart and Willy Chavarria in conversation during the Parsons School of Design talk.
Julie Gilhart and Willy Chavarria in conversation during the Parsons School of Design talk. – Photo by Dillon Yruegas, courtesy of Parsons School of Design

Chavarria is also a proponent of the traditional brand ownership/launching route: “I didn’t start my own brand until I was 47. So many people think they must start a brand right out of school to succeed. Everyone has their path, but I firmly believe in getting as much information and knowledge under your belt as possible so you have the confidence to launch your own thing. You may discover that you don’t want to do your own thing, and I wouldn’t blame anyone. There are so many facets of the industry, whether a designer, a stylist, a pattern maker, or in the digital sphere, which is so far-reaching.

“There’s nothing worse than seeing people who think they know everything trying to do it and just not working out, losing money and losing time and not having the growth that you might need to go through to be able to take failure. Although failure is not quite what I believe in, failure is a part of good and success. You got to fall and get back up,” he continued.

Staffing a team is also part of Chavarria’s oeuvre, which has a namesake label, and he gave the young crowd some hiring tips. “I look for talent; I look for integrity. I am looking for what the opposite of laziness is. I hate laziness. I look for good people. We have a pretty good studio vibe. If somebody’s an a**hole, they easily don’t last,” he noted.

The next generation may not be so tied to traditional genders, but Chavarria advises that many fashion-buying offices are. “The system is so deeply structured with gender identities that we’ve got men’s and women’s collections, men’s and women’s stores, and men’s and women’s design. It’s challenging from a large business perspective to sell things that will sell in different places. But for the most part, my collections are for whoever wants to wear them,” he said, noting he designates the collection in several groupings according to whom it is most typically designed for.

“There is diversity in my brand, staff, community, and chosen family. Whether it’s masculine, feminine, queer, or trans, the overarching theme is love. The message might be Latino, queen and Chicano and these different varieties of things, but it’s really about a bigger voice of love; I truly believe love is the global message,” he continued.

He warned the students that there will always be challenges, but with experience comes better navigation. “You learn to get better at managing them. It was always financial because I’m self-financed; I don’t come from generational wealth. I took jobs that paid well, saved money, and was financially strategic. I made many mistakes, lost money, and often did things incorrectly. Ultimately, I learned that forming relationships and building what I wanted to do with others who believed in the same vision led me to something bigger. The people that I worked with for years are still very close friends. The brand’s identity, the brand’s message, and the vibe and the aesthetic that came before the business part of it were together, and I just kept pushing that along,” he stressed.

The talk also previewed clips from two of Chavarria’s recent film slash shows, “Safe from Harm” and “Tarantula,” which was the designer’s first show in Paris (though he promised his roots are in New York).

Willy Chavarria connects with attendees after the talk.
Willy Chavarria connects with attendees after the talk. – Photo by Dillon Yruegas, courtesy of Parsons School of Design.

The latter film featured a clip with a recording of Bishop Mariann Edgar Budde’s plea to Trump and his administration not to vilify or, worse, deport illegal immigrants who do the grunt work U.S. citizens don’t wish to and or to demonize the LGBTQ community, which includes family and children. “We can be courageous and still be loving and good and full of joy, but we do have to be strong. We’re seeing the world change to one that is oppressive and working just to strip us of our identities,” Chavarria cautioned.

Chavarria described his upbringing in a Mexican town and in a traditional-values Mexican American household that hung up an image of farm workers’ rights champion Cesar Chavez. As a biracial queer person, “I was already very different than this background,” he noted, adding his introverted nature, observing from the outside, helped foster his visual creativity.

“I credit my family with my commitment to my work and having a path to social justice. It was important to me to give value to those who aren’t seen as valuable; Latino people, Black people, queer people, trans people, all the people that, for centuries, have been given the bad end of the stick. I use my Latino culture, elevate it, and make it as beautiful as possible. We want to share all real beauty to see ourselves as truly beautiful as we’re starting to see ourselves in media, film, magazines, etc. We start to believe we are that and in a positive light. If all the movies about Mexicans show Mexicans as criminals or are about the cartel, we need to show ourselves how beautiful we are.”

Julie Gilhart and Willy Chavarria following their thought-provoking session at Parsons.
Julie Gilhart and Willy Chavarria following their thought-provoking session at Parsons. – Photo by Dillon Yruegas, courtesy of Parsons School of Design

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Mulberry commercial chief is latest exec to exit handbag maker

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March 28, 2025

Mulberry Group Plc’s chief commercial officer has left the British high-end handbag maker after more than a decade in the business, in the latest executive departure at the struggling brand.

Mulberry

Ian Earnshaw left earlier this month after more than two years in the role, according to people familiar with the matter, who asked not to be identified discussing private information. His replacement has not been found yet.

His departure comes as Mulberry Chief Executive Officer Andrea Baldo tries to turn around the business after consumers’ appetite for high-end goods waned, particularly in the critical China market. 

Baldo, who joined in September from Danish clothing brand Ganni, is seeking to broaden Mulberry’s appeal by reducing the price of most of its handbags to less than £1,095 ($1,420). The company’s retail sales fell about 17% in the fourth quarter of last year and it revealed a plan to cut about 85 corporate roles. 

Mulberry has made several leadership changes in the past year in a bid to revive its sales. This has included replacing Thierry Andretta, who spent almost a decade at the helm, with Baldo. In January the company appointed Billie O’Connor as chief financial officer, replacing Charles Anderson, who had been in the role since 2019.

Baldo has partly blamed Mulberry’s poor performance on its reliance on Asia — especially China — for international growth, while neglecting the UK and the US. Last year, billionaire Mike Ashley’s Frasers Group walked away from an attempted takeover of the brand last year and tried to push for a board seat. 

Earnshaw previously held positions as Mulberry’s commercial director, as well as its retail and franchise director, according to his LinkedIn profile. Before that he held managerial roles at British trench coat maker Burberry and US clothing retailer Banana Republic.



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Uniqlo Europe powers ahead as young consumers embrace viral items

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Uniqlo Europe — a UK-registered company — has filed its results for the year to the end of August 2024 and they showed its turnover jumping 30% to €1.696 billion, helped by younger consumers tapping into trending items. 

Uniqlo

As well as turnover increasing, there was good news on profits with operating profit before one-offs up 50% to €283 million. The company said that the gross profit margin was “maintained at a fairly stable level with positive growth of €268 million”. And net profit for the year jumped from €140.8 million to €222.9 million.

This all came as the number of stores the company operated across the continent rose by 10% to 77 with the number of markets it’s e-commerce team delivers to remaining flat at 26.

That may not seem like a lot of stores for a giant company that has been in Europe for several decades. But the company has rolled out its new stores quite slowly and steadily and its focus on large-format flagships has also meant that a slow approach makes good commercial sense.

The company said the sales increase came as European customers embraced Uniqlo Life Wear products. And of course, those new stores had an impact as well with the first Uniqlo store in Luxembourg opening in October 2023. A reopened flagship in Opera, Paris also helped. Other recent additions to its store portfolio include Edinburgh in Scotland and Rome in Italy, both located in historic buildings with distinctive architecture.

Importantly as well, as mentioned earlier, the company said there was a significant increase among a younger customer base who’ve been enthusiastic about items like the mini-round shoulder bag, bra-top and pleated trousers that went viral during the summer.

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