Swarovski’s subsidiary company has opened a store in Hungary

Cadenzza, a company that manufactures and sells premium quality jewellery and belongs to the Swarovski group, opened its first store in Budapest on 1 April 2016. The investment cost more than 100 million HUF, mno.hu writes.

Besides Western Europe, Cadenzza sees potential in the Eastern European region as well, Bence Horváth, the company’s manager for Central and Eastern European affairs said. Cadenzza is planning to open 5 more stores in 2016, and their goal is to become the leading company in the market of multibrand jewellery by 2020.

The Swarovski group has founded Cadenzza, the first multibrand in the segment of premium jewellery, in 2012.

According to the company’s announcement, the global market of custom jewellery grows more than 5% a year, and currently worth €26 billion. The revenue of the whole jewellery market, which consists of multiple segments and includes traditional jewellery, is estimated to be €150-180 billion. Its growth was 7% every year between 2011 and 2016, and the volume of custom and silver jewelleries is estimated to be €35-42 billion. The realization of the jewellery, which cost between €20 and €1200 should be around €21-28 million, and Cadenzza is estimated to get a 1% share, the announcement read.

Cadenzza is present in the United Kingdom, in China, in Germany, and in Austria, and has affiliate partners in numerous other countries. Counting the new Budapest store, the company has shops in 41 Europe cities.

The Austrian Swarovski group has almost 30,000 employees, and their revenue in 2014 was €3.05 billion.

Photo: Cadenzza Facebook page

Copy editor: bm

Source: mno.hu