Laings has seen sales surge by 62% in its first full year since the pandemic.
Turnover touched £60 million for the first time for the Glasgow-based national jeweller.
Pre-tax profit doubled from £2.8 million to £5.4 million as margins improved in the year ended May 31, despite an ongoing investment of £10 million in expanding and upgrading its stores in Scotland, England and Wales.
Refurbishments include the recently expanded showroom in Cardiff, which has already made a significant contribution to Laings’ performance and post covid recovery and the move to new, 9,000 square foot premises in Southampton, where a £3m expansion is currently underway.
It will also see the establishment of a state-of-the-art watch workshop and full refurbishment of its head office, as part of a wider £5 million renovation programme within the Rowan House building on Buchanan Street in Glasgow.
The company also opened its first monobrand showroom with Omega in Cardiff.
“With no mandatory lock downs in the last year of trading, we have seen a strong recovery in demand for luxury jewellery and watches. Along with our highly skilled workforce, our retail stores are the cornerstone of our business. They are where our clients can immerse themselves in the history and traditional expertise of our business, and that of our prestigious partners,” says Joe Walsh, CEO of Laings.
“It is vital that we continue to invest for the future, making our physical assets as enticing and engaging as possible. Our online experience has also dramatically improved, helping people to make purchases more easily, when they cannot come to see us in store.”
Along with the visible improvements to its retail stores, investment is also pouring into hiring and training, including a particular focus on highly skilled roles such as watchmaking and goldsmithing.
Retailers and brands have been reporting in recent months that 2022 has been a year of spectacular growth up until the second quarter, but a cooling of the market since, particularly during and since the mourning period and funeral for the Queen.
Laings is seeing through the current conditions and, having navigated the covid years, is determined to keep investing to ensure the best possible customer experience.
“This is a very exciting time for us as a brand and these investments demonstrate our commitment to bringing our clients a luxury retail experience every time they visit. Our turnover growth reinforces the decisions we have made to drive the business forward during a highly challenging few years in the retail industry,” Mr Walsh says.
