Laings turnover hits £63m amid retail and workshop investment
Over the coming year, Laings will progress the roll out of its programme of investment across all four cities in which it is based, Cardiff, Edinburgh, Glasgow, Southampton
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Laings’ has a reported a 5% increase in turnover to £63.3m for the year ended 31 May 2023.
Furthermore, the retailer posted a profit before tax of £3.7m for the period which it stated will be reinvested back into the business.
The positive financials come following a programme of investment in physical stores and workshops.
The company invested in its showroom on Buchanan Street in Glasgow which opened Spring 2023.
It also invested in moving its Southampton showroom to a bigger space which opened late last year.
Over the coming year, Laings will progress the roll out of its programme of investment across all four cities in which it is based, Cardiff, Edinburgh, Glasgow, Southampton.
Plans include the opening of the new multi-floored flagship showroom in Rowan House, Glasgow, a new TAG Heuer mono-brand showroom in Edinburgh and the expansion and development of its George Street showroom into 2025.
Joe Walsh, CEO of Laings, said: “This has been the first year since 2020 that we have not felt any direct effects financially from the pandemic. As luxury jewellers, 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.
He added: “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 improved this year with our e-commerce team rebuilding and relaunching our website, transferring our luxury showroom offering to the ease of screens. This has allowed clients to make purchases online more easily when they cannot come to see us in store.
“This continues to be a very exciting period of growth for Laings and we are excited about what lies ahead for the coming year. Our turnover has continued to increase, which is a positive reflection of the decision we made to focus our investment in our showroom estate and client offering across the UK.”
