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Bulgari UK has revealed that it posted a loss of £3.2m for the year ended 31 December 2023 a 193% drop from the £3.5m profit it posted in the previous year.
Alongside this, the luxury goods company earned £54.6m in UK sales last year, compared with £60.3m in 2022, a drop of 10%.
Furthermore, the company’s gross profit fell to £25.3m, from £30.9m, an 18% decrease.
Despite this, the company reported a 15% increase in high-end watch sales in the UK.
It also reported a 19% increase in global revenues with a 30% growth in high end jewellery.
Bulgari attributed the results to a “stagnant UK economy” and a decrease in tourism.
It also cited further the effect of ongoing geopolitical events on UK inflation and a consequent fall in consumer purchasing power.
Its objectives for 2024 include strengthening its position in the UK market through continued collaborations with Bafta, Harrods, and Selfridges.
