Scottish jeweller reports 8% turnover increase amid continued expansion
Fri Jan 03 2025
Family-owned Scottish jeweller Laings has announced an 8% increase in turnover to £68.4 million for the year ended 31 May 2024, with a pre-tax profit of £2.1 million.
This growth comes as the luxury watch and jewellery retailer continues to invest in its retail presence across the UK. The latest financial results demonstrate Laings’ ongoing recovery and expansion following the challenges posed by the COVID-19 pandemic.
The company has been focusing on enhancing its physical stores and digital capabilities to meet evolving customer demands.
Joe Walsh, chief executive of Laings, emphasised the importance of their brick-and-mortar strategy: “We continue to focus on the importance of a bricks and mortar presence for several reasons. Showrooms allow our clients to see and feel each individual piece, steeping themselves in the rich and traditional history and expertise of our business and that of our prestigious partners.”
The company’s growth plans include significant investments in its store estate across Cardiff, Edinburgh, Glasgow, and Southampton. Notable developments include the opening of a new multi-floored flagship showroom in Glasgow’s Rowan House, a new TAG Heuer showroom, and the expansion of its Edinburgh George Street location.
Laings’ commitment to craftsmanship is evident in its recent investments, such as the creation of a Rolex accredited watch workshop in Glasgow, which opened in late spring 2023.
This facility allows customers’ timepieces to be serviced in-house by skilled professionals. As one of the largest independent jewellery businesses in the UK, Laings continues to build on its rich heritage dating back to 1840. The company’s latest financial results and ongoing expansion efforts suggest a positive outlook for the luxury jewellery and watch market in the UK, despite broader economic challenges.
Source: https://scottishbusinessnews.net