Beaverbrooks smashes records with 64% sales surge and luxury brand launch
Family-owned jewellery retailer Beaverbrooks has reported its strongest financial results to date. Sales jumped by 64.4% compared to 2020-2021, with profits more than doubling in the same period. The company also expanded its offerings with a new luxury brand, Loupe, now available in Milton Keynes and Croydon.
The retailer's success follows a period of significant growth. Operating profit climbed by 117%, rising from £16.3m in 2021 to £35.3m. This performance also surpassed its previous peak in 2019-2020 by 41.3%.
Beaverbrooks invested heavily in its stores during 2021-22. Seven locations were refurbished or reopened, including sites in Chester, Glasgow, Silverburn, and Manchester Arndale. To address Brexit-related stock shortages, the company boosted inventory levels, though specific supply chain measures remain undisclosed.
Employee welfare has stayed a priority. The firm maintained fair pay and stable hours throughout the pandemic, avoiding zero-hours contracts. A new profit-sharing bonus was introduced to help staff cope with rising living costs. Loyalty among workers remains high, with half of colleagues employed for over five years and one in five for more than fifteen.
The launch of Loupe marks Beaverbrooks' move into the luxury market. The brand's flagship boutiques are now open in Milton Keynes and Croydon, with an online store set to follow later this year.
In 2021, the company was named the UK's top large retailer to work for by Best Companies. The award recognised its commitment to staff well-being and workplace culture.
Beaverbrooks' record sales and profit growth highlight its strong market position. The introduction of Loupe and ongoing store investments suggest further expansion. Meanwhile, employee benefits and workplace awards underscore the retailer's focus on long-term stability and staff retention.
