Jeweller expands

Laings invests after strong lockdown recovery

New home: Laings is investing in new offices in Buchanan Street (pic: Google)

Laings, the jewellery chain, is investing heavily in its high street stores after posting a strong recovery from the Covid lockdowns.

While committing £10 million to its physical stores, the Glasgow-based business benefited from a greater online presence.

It reported a 62% increase in turnover to £60m in the year to May 2022 compared to £37m in the previous year, and by 41.5% on pre-pandemic 2019 (£42.4m).

Pre-tax profit for 2022 rose to £5.4m in 2022 from £2.8m in 2021, supported by a healthy growth in online sales and strategic moves. This compares to profit of £998,479 in lockdown-hit 2020 and £3.27m in 2019.

The package of investment includes the recently-expanded showroom in Cardiff, which has already made a significant contribution to Laings’ performance and post-Covid recovery and the move to 9,000 sq ft premises in Southampton, where a £3m expansion is currently underway.

The company is leaving its premises in Glasgow’s Argyll Arcade and establishing a watch workshop and head office as part of a £5m investment in the Rowan House building on Buchanan Street in Glasgow.

Joe Walsh, CEO of Laings, said: “With no mandatory lockdowns 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. 

“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.”

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