Swarovski came into 2025 sparkling. Its jewellery business grew 9 percent year on year in 2024, with particularly strong results coming from the US and lab-grown diamonds, which more than doubled in sales.
Alexis Nasard, Swarovski’s chief executive since July 2022, is confident the momentum will continue. The brand’s plan for 2026 is to maintain its focus on creative craftsmanship, while catering to trends in design and customer behaviour — like jewellery being used for all-day wear — that are reshaping the market.
It also aims to keep serving customers across price points. Swarovski segments its offering into low, medium and high complications — much like the watch industry — with the strongest growth in the mid-range, where Nasard noted the brand has little competition.
Lab-grown diamonds remain another strong point. Nasard says they’ve been effective for drawing in new customers, even those who’ve traditionally favoured mined diamonds, with some of the newcomers converting to buyers of the brand’s other lines, such as its crystal pieces.
These moves play to the brand’s positioning as “pop jewellery” that actively engages with and shapes the cultural zeitgeist, staying relevant and fresh. To that end, Swarovski has launched strategic capsule collections and partnerships with celebrities, the latest being Ariana Grande, who had the best-selling capsule in the brand’s history.
The strategy works particularly well in the US, the brand’s largest market, where Nasard expects consumers to keep buying Swarovski’s jewellery as long as the job market remains strong.
BoF: Luxury fashion has struggled lately due to price hikes that go beyond inflation. How is Swarovski approaching pricing, and what strategies have you employed to engage consumers?
Alexis Nasard: We have kept our pricing largely in line with inflation. In terms of customers, our focus is on building strong engagement with local customers in key metropolitan areas in our established markets — Europe and the US — but also in our key growth markets like South Korea, Brazil, Japan and Mexico. Cosmopolitan areas drive trends, so to keep up with the cultural zeitgeist, we have a city-focused strategy. We want our stores to be destinations in their own right, offering experiences that encourage repeat visits and self-purchase — a trend we see growing among women that we find empowering and strongly encourage. By combining compelling product design, cultural alignment and a seamless shopping experience, we aim to create reasons for consumers to shop beyond holidays or gifting for special occasions. In this context, jewellery becomes a medium for everyday expression, even when the economy is troubled. Jewellery is ultimate discretionary spending, but in markets like the US, as long as consumers have some money to spare and the value proposition resonates, they will spend.
BoF: Some brands in luxury jewellery are simplifying their assortment to manage inventory, reduce overstock and minimise risk. How is Swarovski approaching its product range, and do you see any shifts in consumer demand influencing this strategy?
AN: At Swarovski, we maintain a broad price range and variety of designs, but we are highly disciplined about what we offer. Our assortment reflects both creative innovation and consumer expectations. The mid-tier complexity segment has emerged as particularly strong because it combines originality with accessible pricing. In a landscape where competitors may overextend or dilute their offerings, our strategy is to curate thoughtfully, ensuring that each product resonates with customers and supports the brand’s cultural relevance.
BoF: You mentioned that mid-tier complexity is driving growth. Can you explain why this segment is performing so well, and how it fits into the broader jewellery market?
AN: Mid-tier complexity bridges the gap between entry-level pieces and high jewellery. It allows customers to access designs that are original, intricate and emotionally resonant without the costs of high jewellery. There is relatively little competition in this range, and it offers a compelling value proposition. Customers recognise the creativity and craftsmanship in these pieces, which makes them a strong choice for self-purchasers. It’s a segment that reflects both aspiration and accessibility, and it aligns with the evolving desires of contemporary consumers.
Consumers buy not just a product but the cultural narrative and emotional experience it represents.
BoF: How is Swarovski responding to the rise in women shopping for themselves, particularly with the adoption of lab-grown diamonds?
AN: Women are increasingly choosing jewellery for themselves, and lab-grown diamonds play a significant role in facilitating that. These diamonds offer exceptional quality and design flexibility at a price point that makes acquisitions attainable. They are also more sustainable, using renewable energy and recycled metals, values that resonate strongly when self-purchasing. We have observed that stores offering lab-grown diamonds attract new customers who then also engage with other parts of the Swarovski range, like our crystals, creating a positive ripple effect across the business.
BoF: Lab-grown diamonds are becoming more mainstream. How do you see their role evolving in luxury jewellery?
AN: Lab-grown diamonds are a critical part of the future of jewellery. They offer the same brilliance and durability as mined diamonds while enabling more imaginative design options. They allow us to engage customers who are looking for creativity, sustainability and value. The US is leading in adoption — over half the diamond market there is now lab-grown — and we expect the growth to continue globally.
BoF: Cultural trends are increasingly influencing jewellery design. Which trends do you expect to shape the market in 2026?
AN: We see several intersecting trends. Jewellery designed for all-day wear is becoming more prevalent, moving seamlessly from professional settings to leisure activities — from date night to tennis to the meeting room. Multi-metal pieces and multicoloured crystals are growing in popularity, allowing for more playful and versatile styling. Men’s jewellery is slowly gaining traction, reflecting broader shifts in gender expression, though it still only makes up around 2 percent of the market — women will always be key consumers for jewellery. Pearls and charms are also being reimagined for contemporary use beyond traditional settings.
Customisation, on the other hand, is not a game changer for us, though we saw a small uptick four to five years ago. We offer some customisation but it’s still a small part of the business and the market at large. The majority of customers go for standard collections.
BoF: China remains a complex market for luxury brands. How have the market’s current dynamics affected Swarovski’s strategy there?
AN: China presents unique challenges due to demographic shifts, macroeconomic pressures and regulatory uncertainty. Youth unemployment in major cities is high, and population trends suggest a contraction in the younger consumer base, Millennials and Gen Z, who represent half of the domestic luxury market. These factors, combined with the unpredictability of policy and geopolitical tensions, make our strategy more cautious. We maintain a presence in key cities with designs that resonate locally, ensuring the brand remains relevant while avoiding disproportionate risk.
BoF: The US appears to be a strong growth driver. What factors are contributing to your success there?
AN: In the US, discretionary spending remains strong because employment levels are stable, and consumers continue to prioritise categories like jewellery. Additionally, Swarovski’s brand perception is at an all-time high in the US: Americans resonate particularly well with the ‘joyful exuberance’ our jewellery embodies. We don’t even have 250 stores stateside yet, so there is room for much more footprint, which keeps us quite optimistic.
BoF: With branded jewellery increasingly dominant globally, how does Swarovski position itself in this competitive landscape?
AN: Branded jewellery offers creativity, culture and a sense of participation in a broader lifestyle. These are key differentiators to unbranded jewellery. Consumers buy not just a product but the cultural narrative and emotional experience it represents. Swarovski’s strategy emphasises brand consistency, creativity, engaging with the cultural zeitgeist, especially pop-culture, with ambassadors like Kim Kardashian, Bella Hadid and now Ariana Grande, whose capsule collection was our all-time bestseller. Tapping into these elements differentiates us from unbranded alternatives. Value considerations remain important in some markets, like secondary cities in emerging markets such as India. There, especially in economically tough times, unbranded jewellery may be favoured for value purposes. Globally, branded jewellery will win in the long run.
BoF: How do you see jewellery consumption evolving between investment pieces and everyday wear, and are these even mutually exclusive?
AN: Everyday wear and investment pieces are not mutually exclusive; both will continue to coexist. Economic cycles and consumer segments influence preferences, but jewellery fundamentally serves multiple roles. Middle-class consumers in emerging markets may prioritise value and longevity, especially when the economy is down, while socialites in established markets are more likely to seek instant gratification. We cater to both ends of the spectrum.
This interview has been edited and condensed.
This article first appeared in The State of Fashion 2026, an in-depth report on the global fashion industry, co-published by BoF and McKinsey & Company.