Swarovski UK revenues slides after Cadenzza closure
The UK arm of jewellery business Swarovski saw revenues decrease by 10.6% in 2017 after closing several retail stores including locations for its discontinued Cadenzza brand.
The company quietly closed down shops for the failed multi- brand jewellery concept throughout 2016, four years after its creation, and shut its online store on 30 November. It had Cadenzza stores in London’s Covent Garden, Liverpool, Birmingham, Westfield Stratford City and Westfield White City.
The company also said that challenges on the high street, including a general decline in consumer confidence, had an impact on its 2017 revenues, which were down by £8.8 million to £74.2 million.
However, UK losses were lower than the prior year, narrowing from £2.2 million in 2016 to £1.2 million in 2017. The company said that Swarovski retail stores continued to trade in line with expectations.
Swarovski also closed its Lola and Grace brand, targeted at 16-35 year olds, last year. The brand was run by an independent team and had a handful of standalone stores worldwide.
The jewellery business is now primarily focusing on the Swarovski brand, and expects the business to continue with moderate growth in all divisions.
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