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Lovisa has expanded into 12 new markets, opening 210 new stores for a total of 801 worldwide. New markets include Hong Kong, Taiwan, Namibia, Botswana, Mexico, Italy, Romania, Hungary, and Spain. | Source: Lovisa
Australian jewellery retailer Losiva notched a record 33.1 per cent increase in revenue for the past financial year amid expansion into 12 countries.
Lovisa achieved sales of $596.5 million for the year. The company’s latest financial report attributed the expansion to price increases during the third quarter.
Lovisa has expanded into 12 new markets, opening 210 new stores for a total of 801 worldwide.
New markets include Hong Kong, Taiwan, Namibia, Botswana, Mexico, Italy, Romania, Hungary, and Spain.
Lovisa CEO Victor Herrero said: “The company has been able to continue to deliver strong profit growth while investing in the structures to support our global expansion in the face of more difficult trading conditions in the second half.”
“This leaves us well placed as we move forward with store rollout in both existing and new markets.”
Perhaps most notable of all, the US market has overtaken Australia as Lovisa’s largest store network, with 78 new stores opened in the US.
The company now operates 190 stores in the US, compared with Australia’s 168. Lovisa opened 17 new stores in Australia in the past year.
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