Austrian family-run crystalware and costume jewellery maker Swarovski expects its turnover from crystal sales to be around EUR 1.92 billion (USD 2.807 billion) in 2007 and to reach the EUR 3.0 billion…
Austrian family-run crystalware and costume jewellery maker Swarovski expects its turnover from crystal sales to be around EUR 1.92 billion (USD 2.807 billion) in 2007 and to reach the EUR 3.0 billion (USD 4.387 billion) mark by 2012, CEO Markus Langes-Swarovski told regional daily Tiroler Tageszeitung on 23 November 2007. Overall 2007 turnover is seen as registering double digit percentage growth compared to the EUR 2.3 billion (USD 3.363 billion) level for 2006. The turnover of abrasive tool manufacturing subsidiary Tyrolit is projected at EUR 548 million (USD 801.3 million) and of Swarovski Optik at EUR 87 million (USD 127.2 million). The Swarovski workforce has reached a new high of 22,000 worldwide, including 16,800 in the crystal division, Mr. Langes-Swarovski said. For 2007 the company will invest around EUR 130 million (USD 190.1 million) at its headquarters in the Austrian province of Tyrol, where Swarovski employs 8,600. Commenting on talk of an initial public offering (IPO), Mr. Langes-Swarovski said that Swarovski is a family-owned firm and will remain such. He also said the weak US dollar and increased competition in the components production sector were factors having an impact on the company“s development.