Swarovksi has launched a new lab-created diamond collection in China, a market that accounts for 15 per cent of its annual sales.
The company launched its ‘Created Diamonds Collection’ with an event at its flagship store in Shanghai.
The collection features stone diamonds between 0.2 and 7 carats and will be available at 34 stores in mainland China and three in Hong Kong.
CEO Alexis Nasard said the company was focused on strengthening its relationship with Chinese consumers.
“China is a very important market for us – for business, economic and cultural reasons. We are deeply committed to the region,” he told the South China Morning Post.
“We don’t believe that luxury is just about high prices. We have a very broad price palette, as we are in a position to offer the appropriate value for money for every type of customer that our brand appeals to.”
The company’s sales improved by 4 per cent to €1.83 billion ($AU3.04 billion) in the past year, with a 6 per cent increase in jewellery sales.
Store profitability improved by 36 per cent, and online sales increased by 11 per cent.
Swarovski has more than 220 stores in China, and Nasard said the company would continue to develop its presence in Asia despite adverse trading conditions.
“We are happy to sit through all the turbulence that might be happening in the market because we are playing the long game in China,” he said.
“India is one of the fastest growing regions in the world. We will be rolling out our Created Diamonds Collection across the region for the course of 2024.”
He added: “We focus on bricks-and-mortar retail presence in top cities because this is where most of the middle class, most of the affluent people who can afford our brand, are living.”
Swarovski jewellery is retailed from 63 brand-only stores in Australia and via a range of stockists (independent jewellery stores).
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