For more than a century, Swarovski has churned out crystals in every imaginable shape and form, from sparkling dolphin figurines to encrusted fountain pens to glittering mobile-phone cases.
Cracks are appearing: The Crystal Dome, an art installation at the corporate museum of Swarovski in Wattens, Austria.The cracks in the crystal kingdom have exposed a deep rift in the sprawling Swarovski family, consisting of more than 200 individual members, many of whom are spread between Austria and Switzerland. It's from here, on the shores of Lake Zurich, that the company runs its main corporate functions under CEO Robert Buchbauer, himself a member of the clan.
The coronavirus pandemic has only amplified the crisis, laying waste to the sprawling network of Swarovski boutiques in now deserted shopping centres and airports around the world. Big stars boosted the brand value: Michael Jackson wearing his Swarovski-crystal-studded glove during his 1984 Victory tour.But despite its affiliation with the glittering world of high fashion and celebrities, the majority of products costs less than $US120. That places Swarovski into the cutthroat segment of mass-market luxury, with its thin margins and fleeting consumer loyalty.
Family-owned luxury companies have struggled to remain independent, with the likes of jewellery house Bulgari or cashmere specialist Loro Piana seeking shelter in a multinational conglomerate like LVMH. Others, like high-end winter outfitters Moncler or Canada Goose and Italian silk-and-leather label Salvatore Ferragamo have sold shares to the public, easing their access to capital.
Back in Wattens, there's growing concern that the good times have crumbled, with 1800 out of 4800 local jobs in jeopardy. In a part of Austria heavily reliant on tourism, Swarovski long promised well-paying jobs for skilled workers. Employment at the crystal emporium meant a good salary, with perks from free child care to company housing to subsidised loans. There's also an elaborate crystal-world experience in Wattens that has drawn 15 million people since it opened in 1995.
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