LAINGS, the Glasgow-based jeweller, has hiked profits during its first full year of trading unaffected by Covid restrictions in three years - and outlined plans for major investment in its stores.
Profits at the family-owned company, which was established in 1840, increased to £5.4 million in year to May from £2.8m last time, driven by a 62 per cent in turnover to £60m.
The improved results came as Laings saw a resurgence in demand for luxury jewellery and watches, following the disruption rising from the pandemic.
And the jeweller highlighted its determination to continue building its high street presence with a package of investment worth £10m, which includes the development of a state-of-the-art workshop and refurbishment of its head office at Rowan House in Buchanan Street, Glasgow.
READ MORE: Scott Wright: Is historic jeweller pointing the way to better times for Glasgow city centre?
The programme included the expansion of Laings’ showroom in Cardiff, which is credited with already contributing to the jeweller’s performance, and the move to new 9,000 square foot premises in Southampton, where a £3m renovation is under way.
Laings, which also has a physical presence in Edinburgh, highlighted “healthy growth” in online sales over the period.
Chief executive Joe Walsh 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.”
Laings noted that its priorities for the year ahead will include a focus on talent acquisition and continued staff training and development including a focus on highly skilled roles such as watchmaking and goldsmithing. Brand collaborations, new partnerships, and one-off events, will also be a focus, it added.
Mr Walsh said: “This is a very exciting time for us as a brand and these investments demonstrate our commitment to bringing our clients a luxury retail experience every time they visit. Our turnover growth reinforces the decisions we have made to drive the business forward during a highly challenging few years in the retail industry.
“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.”
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