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.
Saks Global has announced that it will maintain operations at the Neiman Marcus Downtown Dallas store through the 2025 holiday season, while working with the City of Dallas on a new vision for the location.
Neiman Marcus downtown Dallas to stay open through 2025 holiday season. – Neiman Marcus
Initially, Saks Global had planned to close the flagship store on Monday after more than a century in downtown Dallas, following a notice from its landlord terminating the lease. However, an effort by city officials and business leaders led to the City of Dallas acquiring the property, preserving the site’s legacy and opening the door for a potential revitalization.
City officials recently convened with Saks Global leadership to discuss a range of potential concepts for the reimagined store. These proposals include a luxury retail experience, a curated art exhibition, a multi-purpose fashion and event center, and an incubator for fashion design and manufacturing.
“We deeply admire the city’s passion and unwavering dedication to Neiman Marcus’ storied legacy in Dallas. The potential reimagination of this iconic shopping destination reinforces Saks Global’s commitment to redefining the luxury shopping experience,” said Marc Metrick, chief executive officer of Saks Global.
“As we explore opportunities for the Downtown store, along with the planned renovation at the NorthPark store, we will evaluate the opportunity to utilize both locations to serve different customer needs in the Dallas market.”
Since its establishment in 1907, Neiman Marcus has been a cornerstone of Dallas, shaping its fashion scene and contributing to the city’s cultural and civic landscape. Saks Global acquired Neiman Marcus Group for a total enterprise value of $2.7 billion, last year.
“We are excited that Saks Global has decided to keep Neiman Marcus open downtown, as we explore the opportunity to unlock the potential to transform downtown into an international beacon and economic engine for fashion – just as the Neiman Marcus founders intended when they opened the store more than 100 years ago,” added Dallas city manager Kimberly Bizor Tolbert.
“We look forward to exploring what‘s on the horizon and are committed to continuing our conversations with the Saks Global team.”
Australia’s Akubra on March 28 opened its first-ever brand store in the city of Brisbane, as the Western-style hatmaker looks to expand its direct-to-consumer footprint across the country.
Inside the Akubra Brisbane store – Courtesy
Located at 162 Edward Street, the new Akubra Brisbane store combines the Kempsey-based fim’s heritage craftsmanship with a contemporary twist, with custom pieces handmade by Akubra’s craftspeople including hand-stitched counters and industrial shelving.
The space also features a tone-on-tone colour palette and sleek industrial fixtures, all the while staying true to the brand’s craftsmanship.
Inside, shoppers will find Akubra’s full collection and hat accessories range, along with personalised services such as hat steaming and shaping by master hatters. The store also hosts the exclusive re-launch of the “Outback Club” hat, in collaboration with country music star, Lee Kernaghan, the brand’s ambassador.
The opening comes two years after Akubra was acquired by Andrew and Nicola Forrest’s private investment group Tattarang in November 2023.
“We are incredibly proud to open this new store in Queensland, preserving and building upon the legacy of Akubra,” said Andrew Forrest.
“Akubra has been ingrained in the fabric of Australian families for generations, and I’m proud that more people will have the opportunity to experience this great Australian-made product. What better way to celebrate the outback in Brisbane than with a reunion of the legendary Lee Kernaghan and one of Australia’s most iconic brands, Akubra.
The Brisbane location serves as the next step in a bigger strategy for the brand, with additional stores planned for this year.
“This marks our first-ever branded store experience, and choosing Queensland for our debut was a natural decision—it’s where our community is strongest,” said Akubra CEO, Natalie Culina.
“We’re deeply attuned to our customers, and following the incredible success of the reopening of our Kempsey flagship store, we saw an opportunity to expand our retail presence in a way that brings the true essence of Akubra to life. This isn’t just a store—it’s an immersive celebration of Australian heritage, craftsmanship, and the iconic handcrafted hats that have become woven into our national identity,” she said.
Estee Lauder must face a lawsuit accusing the cosmetic giant of defrauding shareholders by concealing its overdependence on improper gray-market sales in China, a federal judge in Manhattan ruled on Monday.
DR
U.S. District Judge Arun Subramanian said shareholders identified “several misleading omissions” and “half-truths” in Estee disclosures, related to the negative sales impact from a January 2022 government crackdown on the “daigou” gray market.
Shareholders in the proposed class action said Estee became dependent in China on “daigou,” or duty-free purchases by resellers, after the Covid-19 pandemic began, especially in the Hainan province.
They said the New York-based company concealed the truth about how the crackdown was hurting sales until November 1, 2023, causing its shares to plunge 19% and wiping out about $8.7 billion of market value.
“Defendants attributed the decline to everything but the crackdown and reassured investors that an upswing was coming soon,” Subramanian wrote.
“What matters is that Estée Lauder touted the reasons for its success while leaving out the parts of the truth it found inconvenient,” he continued. “The telling of half-truths — that’s what the securities laws don’t tolerate.”
The Estee defendants also include former Chief Executive Fabrizio Freda and former Chief Financial Officer Tracey Travis.
Estee and lawyers for the defendants did not immediately respond to requests for comment. In seeking a dismissal, the defendants said there was neither proof of fraudulent intent, nor a showing that legally actionable false statements caused shareholder losses.
But the judge said Freda and Travis should have been able to pinpoint the “daigou” crackdown as a major cause of falling sales, cited accusations about their attentiveness to sales data and that Estee devoted an entire team to analyze “daigou” sales.
The proposed class action covers shareholders from February 3, 2022 to October 31, 2023. Estee shares have lost nearly half their value since the latter date in part because of China, which accounted for about one-quarter of sales in 2024.
The case is In re Estee Lauder Co Securities Litigation decision, U.S. District Court, Southern District of New York, No. 23-10669.
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