Rabat grows by 25% in 2022 to more than 130 million euros
Rabat, a Spanish jewellery firm and distributor of fine watches, closed the 2022 financial year with sales of 132 million euros, up 25% from a year earlier. Moreover, the company increased its turnover by 12% compared to 2019, before the pandemic.
Rabat also highlighted in its annual results report that in 2022 it increased its share of domestic customers to 72% and, in terms of its jewellery line, sales increased by 32% compared to 2021 and 56% compared to 2019.
Rabat added it "is committed to working hand in hand with strategic brands to establish alliances with them in order to develop a joint growth strategy," as stated by the company.
With its plans to restructure and expand the area allocated to strategic brands in addition to opening three single-brand boutiques, "80% of the total turnover has been concentrated in 30% fewer brands," added the company.
Rabat ended 2022 with 216 employees, 17% more than a year earlier. In 2023, the company plans to return to double-digit growth and invest 15 million euros in key operations such as enlarging or refurbishing its shops in Barcelona, Valencia, Tarragona and Madrid, opening new establishments and expanding its corporate services.
The company originated as a jewellery shop opened by Eugenio Rabat in 1977 in Badalona and is currently run by the second generation of the family. Its portfolio includes fine watchmaking brands such as Rolex, Omega and Chopard, and its own jewellery brand is also positioned in the luxury segment.
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