Lovisa recorded double-digit growth last year. At the same time, the jewellery and accessories chain expanded into seven new markets.
From Ireland to Gabon
Lovisa is determined to continue its global expansion: last year, the jewellery chain opened stores in Ireland, China, Vietnam, Ecuador, Senegal, Guadeloupe and Gabon. This expansion boosted sales by 17.1% to a total of 698.7 million dollars (629 million euros).
The year ended with a total of 900 shops, representing a net increase of 128 branches. Of these, 18 shops were opened in France. Net profit also rose by 20.9% to 82.4 million dollars (74.2 million euros).
Continued expansion
“The company has once again delivered strong sales, gross margin and profit growth at the same time as investing in the structures to support our steady global expansion,” CEO Victor Herrero told InsideRetail.
“This positions us well to continue our growth in both existing and new markets,” says Herrero. Indeed, eight new stores have been opened since the start of the year, while sales have increased by 12.7% in the first eight weeks of the current financial year.
