Lovisa closes a record year. In fiscal year 2022, the Australian jewelry chain has increased its sales by 59.3%, to 458.7 million Australian dollars (317 million euros). This is the company’s first year under the command of Spanish executive Víctor Herrero.
The jewelery company has registered an operating result (ebit) of 79.7 million Australian dollars (55 million euros), 86.6% more than in the previous year. During the third quarter, Lovisa carried out a strategic price increase to compensate for the escalation of costs. The company’s gross margin stood at 78.9%.
“We have increased our sales in all the markets in which we operate, but Asia continues to be the region with the most complications, with low levels of tourism”, explained Lovisa in a statement.
In the last fiscal year, the company has opened 85 points of sale, reaching 629 establishments in 24 countries. In addition, through its own stores, the company entered two new markets, Poland and Canada, and has landed in Cyprus and Lebanon through franchises.
Lovisa has opened 85 points of sale in the year, reaching 629 establishments in 24 countries
In the first seven weeks of fiscal year 2023, Lovisa has registered a year-on-year increase in its sales of 66.1% and 21% for comparable area. Since the beginning of the fiscal year, the company has opened two stores in Hong Kong and has entered Namibia.
“We continue to look for opportunities to expand our physical and digital network,” said Lovisa. The company is in full growth plan with the focus on the online channelthrough which it has increased its sales by 30% in the year 2022.
This is the first fiscal year of Lovisa under the command of Víctor HerreroSpanish executive who took over the Australian company in December 2021 from Clarks. This position became vacant in October of the same year when Shane Fallscheer, who had led the company for twelve years, stepped down from his position.
Herrero has extensive experience in retail. Between 2015 and 2019, he captained Guess, after spending twelve years at the helm of Inditex’s business in Asia Pacific. The executive is part of the administrative council of G-III, Global Fashion Group and Bossini, in addition to that of Clarks.