Laings invests in store estate as revenues bounce back post-pandemic
Laings has said it is making a significant investment in its store estate after posting a 62.2% increase in annual turnover to £60 million.
In the year to May 2022, the family-owned luxury jeweller grew its pre-tax profit to £5.4 million from £2.8 million a year earlier.
Laings said the uplift was driven by healthy growth in online sales and strategic moves such as the introduction of a first mono-brand showroom with Omega in Cardiff.
The company has committed £10 million to enhancing and expanding its physical store presence. This has included the showroom in Cardiff and the move to new 9,000 square foot premises in Southampton where a £3 million expansion is currently underway.
Joe Walsh (pictured), chief executive 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.”
The investment will also include the establishment of a state-of-the-art watch workshop and full refurbishment of Laings head office in Glasgow.
Walsh added: “We could not have achieved our successes to date, nor plan for future successes, without the skill, expertise and dedication of our colleagues, who remain at the forefront of our plans to grow the business further. We look forward to bringing our current enhancements to fruition and to further securing our role as an industry leading, luxury destination across our UK store estate.”
Established in 1840, Laings is now in the hands of the sixth generation of the Laing family and is one of the largest independent jewellery businesses in the UK. Its store estate spans Glasgow, Edinburgh, Southampton and Cardiff.