Swarovski will exit the Russian market entirely “in accordance with applicable trade sanctions and restrictions”. On this subject declared its CEO Alexis Nazard in an interview with the Austrian edition of Trend.
The top manager recalled that Swarovski suspended all business processes in Russia, closed 12 retail stores and reduced online commerce in the country in March 2022, after the start of military operations in Ukraine. Nazard himself took over the business later in July 2022.
According to him, despite the suspension of business activities, until now Swarovski had always “remained” in Russia. Today, however, the company has come to the conclusion that it can no longer bear the “idleness” of its Russian business.
Nazard did not give a specific date for the final withdrawal of Swarovski from Russia, but assured that this process would be organized and carried out “in accordance with all legislative standards, including economic sanctions and other trade restrictions”.
Swarovski AG is an Austrian company specializing in the production of crystals, jewelry, crystal figurines and synthetic and natural gemstone cutting, as well as optical equipment (e.g. infrared sights and night vision devices) , lamps and chandeliers.
The company’s history is 128 years old, and Nazard became its first leader during this time who was not associated with the Swarovski family. Forbes magazine called this family the “Austrian Rockefeller”, comparing it to De Beers in terms of success and wealth. Previously became known that in April 2023, Swarovski will have a new CFO: David Wielemans, who will report directly to the CEO. The company’s press release said the appointment should help bring Swarovski into the luxury segment.
