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Family feud rages as Swarovski empire loses its luster


Family feud rages as Swarovski empire loses its luster
By Denise Hruby / AFP, WATTENS, Austria
Crystal-studded clouds reflected in a pond, an oversized crystal chandelier surrounded by mirrors: The headquarters of the Swarovski AG crystal empire are every bit as glitzy as one might expect but the sparkle cannot distract from a bitter family feud over the company’s future.
Normally, 650,000 tourists flock to the site in the town of Wattens in Austria’s mountainous Tyrol region every year, but the COVID-19 pandemic has not only left it deserted it has also magnified much deeper issues for the company.
Exactly 125 years after founder Daniel Swarovski developed a machine to cut glass to shimmer like diamonds, his great-great grandchildren now reign over a diversified operation offering rhinestones to fashion brands, binoculars to hunters, and jewelry and crystal figurines of characters from Mickey Mouse to Princess Leia. ....

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Swarovski family go to war over future of the crystal empire amid falling profits


Swarovski loses its sparkle: Plunging profits caused by the pandemic and Chinese competition sparks a bitter family feud within the £2.5bn crystal empire
Swarovski profits are due to fall 30 per cent, from £2.5bn to £1.7bn, amid pandemic and Chinese competition
Robert Buchbauer, CEO and great-great grandson of the company s founder, plans to transform the firm 
He wants to sack 6,000 staff, close 750 stores, and move the brand upmarket with more expensive products
But family including Paul, Nadja, Helmut and Gerhard Swarovski say he is steering the ship towards a reef ....

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