Laing has seen increased turnover by 19 per cent with a 42 per cent increase in pre-tax profit of £1,032,677 compared to profits of £729,000 on the previous year.
The CEO of Laing, Michael Laing OBE, said: “You really do have to think differently in the current economic climate to create a sustainable business that customers and employees believe in, and want to be a part of.”
The growth of the business has been predominantly driven by watch and diamond sales growth. Laing has also trebled its investment in people, IT and infrastructure in the last year and taken its first steps into online retailing.
The company has created an innovative state-of-the-art retail e-learning platform using video technology and implemented Individual Development plans. This has provided a more effective, measurable training system, which delivers flexibility in training and tracks employees’ growth and learning.
Along with this there has been continued expansion of the luxury watch business and investment in successful global brands continues with the development of a new Rolex Room in Edinburgh and new Patek Philippe, Rolex and Omega in-store developments in Southampton, with further investment this year in Cartier, IWC, TAG and Breitling.
Michael Laing commented: “We are operating stores that are over 400 miles apart. Delivering a memorable, luxury experience is central to our business and requires the highest standards of quality and service across all of our operations. The new, more sophisticated operational platform is a key factor in the continued growth of our business in understanding and exceeding the expectations of the consumer.”
Following this, the management team has increased with a number of key appointments through the year including Jonathan Payne as managing director, who has over 10 years’ industry experience; Charlotte Farish as the new head of marketing; and Alan Woodrow, who brings 13 years’ of people development expertise from within the banking sector as head of learning and development.
Michael Laing concluded: “After the first decade of the 21st century, it is very clear that what is required to succeed in retail is excellence in management and recruitment coupled with a portfolio of winning brands. We are confident that we are in an excellent position to look forward and grow Laing – Parkhouse further.”
Sixth generation jeweller Laing the Jeweller was established in Edinburgh in 1840 and employs over 60 employees across its LAING Edinburgh, PARKHOUSE Hampshire and PARKHOUSE Cardiff stores.