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Swarovski plans to target a new market with its fine jewellery range
Swarovski plans to target a new market with its fine jewellery range
 









Swarovski expands into fine jewellery

It might be renowned for its fashion-focused jewellery but Swarovski has stepped up its presence in the high-end market with the release of a new collection that incorporates diamonds.

The Austrian company is known for incorporating crystals, lab-created gemstones and cubic zirconia into jewellery; however, its latest release, which has been described as “fine jewellery”, features diamonds set in sterling silver and 14-carat yellow and rose gold.

The move allows Swarovski to target a new consumer base – jewellery prices range from US$125 (AU$160) to US$1,450 (AU$1,865) – and is part of its 2020 Vision brand development program that was announced in 2013.

Susan Popper, head of fine jewellery for Swarovski’s North America consumer goods business, explained the venture was “a natural extension” for the company.

“We are bringing a fresh voice into the fine jewellery space with the backing of our globally-recognised brand, allowing us to expand Swarovski’s reach to a new group of consumers,” she said. “The Swarovski fine jewellery collection will appeal to fine jewellery customers while also fulfilling another purchase occasion within Swarovski’s extensive existing customer base.”

Popper also explained in more detail how the company would be targeting a larger demographic. “Fine jewellery is two to three times the size of the fashion jewellery market,” she said. “Therefore this supports our 2020 Vision and objectives for growth.”

When asked whether the new range was an indication that Swarovski would be moving away from crystal, Popper said, “No, not at all. We know from our consumer testing that the Swarovski consumer purchases both fashion jewellery and fine jewellery to satisfy different purchase occasions. The categories are not mutually exclusive.”

The new collection was specifically developed for the North American region and will be available through selected Swarovski brand-only stores and independent retailers. Distribution might expand to department stores at a later date.

Product evolution

While this is not the first time Swarovski has released a fine jewellery collection – it has, for example, launched a range in China as well as another in collaboration with jewellery designer Matthew Campbell Laurenza via its Atelier Swarovski division – the latest offering is said to be the company’s first ongoing line for North America.

It is also another example of the company’s evolution in product offering. While finished fashion jewellery collections currently account for a large portion of business, Swarovski once relied heavily on its crystal figurine offering.

As previously reported by Jeweller, until about 1980, 70 per cent of Swarovski sales came from crystal figurines – this category now represents only 30 per cent of business. The company also unveiled its entry into the wearable technology sphere earlier this year with the Swarovski Shine range.  

A local company spokesperson confirmed to Jeweller that there was no current plan to introduce the Swarovski fine jewellery collection in Australia.
 

The collection





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Sunday, 22 September, 2019 01:01am
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