A surge in Far East sales more than offset a decline in US revenue at diamond jeweller and luxury watchmaker Graff during its latest financial year, it has been revealed.
The London-headquartered business has reported a revenue of $842.2m (£637.5m) for 2023, up from the $724.8m (£523.6m) it posted for 2022, newly-filed accounts with Companies House have revealed.
Its pre-tax profit also grew from $117.2m (£88.7m) to $135.8m (£102.8m) over the same period.
The business was founded by Laurence Graff, who serves as its chairman, in 1960.
Graff’s European revenue increased from $202.5m (£153.3m) to $239.3m (£181.1m) while it surged from $328.6m (£248.8m) to $441.8m (£334.5m) in the Far East.
However, its USA sales fell from $144.8m (£109.6m) to $109m (£82.5m) in the year. Its wholesale revenue grew from $48.9m (£37m) to $52.1m (£39.4m).
During the year the average number of people employed by the business increased from 618 to 693.
Graff targets further global expansion
In a statement signed off by the board, Laurence Graff said: “I am pleased to report that we continue to make good progress against our strategic objectives.
“These are measurable not just in terms of financial performance but also in terms of our expanding store network, coupled with our growing customer base.
“In Asia we continued to see strong momentum and gains in market share supported by new openings in China and Korea.
“Japan saw particularly robust growth supported by landmark marketing campaigns throughout the year and partly by a higher number of travelling customers.
“In the United States, we opened in Costa Mesa in California and relocated in Palm Beach. We also agreed to return to Las Vegas in early 2025.
“In Europe and the Middle East, we continued to consolidate our position and saw new openings in Dubai and Bahrain.”
On its current year, Graff added: “In 2024, we will continue to elevate and expand our distribution network by investing strategically in new openings and renovations in key markets, focussing on operational efficiency in store and an increasingly client centric approach.
“Our network elevation includes new stores in China as well as openings in Singapore, Korea and Saudi Arabia and renovations in Beverly Hills, Toyko and Dubai.”