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Graff Profits Soar After Retail Expansion
Jun 12, 2018 7:51 AM
By Rapaport News
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RAPAPORT... Global store openings helped fuel a jump in revenue and profit at Graff Diamonds International last year, according to the luxury jeweler’s latest financials.
Sales rose 22% to $692.8 million in 2017, while profit more
than tripled to $52.1 million, last week’s filing showed. The London-based
retailer saw UK sales slide 9% to $31.3 million, while revenue from the rest of
its global network climbed 24% to $661.5 million.
Results for Graff Diamonds International do not include all
of the group’s activities, such as its controlling stake in diamond
manufacturer Safdico, a De Beers sightholder.
New stores the company opened in Paris and Macau two years
ago continued to perform well, group chairman Laurence Graff (pictured) said in a
statement. The luxury jeweler also opened three branches in Asia, including
one in Singapore, and plans to open a second store in Paris this year.
“We remain broadly optimistic about 2018,” Graff added,
noting that he expected the group’s increased inventory, including large rough
diamonds such as the 1,109-carat Lesedi La Rona, to generate strong revenue
during the year.
Image: Graff Diamonds
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Tags:
De Beers, Graff, Graff Diamonds, Graff Diamonds International, Laurence Graff, Rapaport News, Safdico
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