Luxury Goods Group: Swarovski Drops Further in Ranking
The famous Austrian crystal glass manufacturer Swarovski has fallen a further 3 places on the global ranking of luxury goods sales. The company's sales also halved between 2017 and 2020 from 3.5 billion euros to 1.7 billion euros. Read about Swarovski's decline in sales and the general downturn in the luxury goods industry.
Swarovski generated USD 1.94 billion in total sales for fiscal year 2020. / Picture: © Wikimedia Commons / Tupungato, CC BY 2.5 (https://creativecommons.org/licenses/by/2.5)
Over the past year and a half, consumers and companies have been adapting to a new way of living and their outlook on luxury goods may be changing.
There is growing awareness of environmental concerns and the need for sustainability in how goods are produced and used.
Luxury goods companies are reacting positively, and even though the industry is returning to live events and in-store sales, both sustainability and digitalization now feature more prominently in their strategies for the future.
Downturn for luxury goods
The consulting company Deloitte ranks the top 100 companies in the luxury goods industry based on their sales every year as part of a study called “Global Powers of Luxury Goods.” In addition, Deloitte analyzes the current situation in the industry as a whole.
Well-known names such as LVMH Moët Hennessy - Louis Vuitton, Kering and Estée Lauder lead the global ranking.
The Austrian crystal glass manufacturer Swarovski is also represented among the 30 most successful luxury brands. …
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