US Expansion: Facet Barcelona Jewelry’s Strategy to Navigate Luxury Market Challenges

Facet Barcelona is targeting the U.S. market. The Spanish company specializing in jewelry production already generates 30% of its business in the territory, a percentage it is determined to continue increasing. The company, which had a turnover of €26 million in its last fiscal year, forecasts a similar amount for this year due to the global geopolitical situation and the persistent luxury crisis.

The company was founded in 1987 by four partners, three of whom have now retired, but remain in the company’s capital. In the beginning, it was dedicated to the purchase of diamonds at source and their distribution. They did this with large consignments, sorted them and sold them to Spanish manufacturers.

The business worked well until the 2000s, when “the manufacturing industry collapsed in Europe with the advance of imports from China, India and Turkey,“ recalls José Miguel Serret, co-founder and CEO of the company, in an interview with Modaes. The company then decided to change its business model and stop being a supplier of diamonds to become a supplier of jewelry.

Currently, Facet Barcelona has a presence in two thousand points of sale worldwide, five hundred of which are in the United States. “We want to be a reference player in the territory,“ says José Miguel Serret.

Facet Barcelona is present in 2,000 points of sale, 200 of which are in Spain

Facet Barcelona has diversified its business model throughout its almost forty years of history. It started out as a diamond distributor and ended up becoming a jewelry manufacturer with its two factories in India and Cordoba.

Thus, the company produces jewelry for other brands and also markets its own designs, mainly in Spain, France, Belgium, Holland, Germany, Poland, Austria and the United Kingdom. Of the 1,500 points of sale that the company has throughout the European market, two hundred are located in Spain.

Facet Barcelona manufactures around 250,000 pieces of jewelry a year, 150,000 of which are high jewelry pieces. In addition to diamonds, its star product, the company has opened up over time to working with other materials such as silver, gold and, more recently, titanium, with “a much more attractive price”, which in turn allows it to open up to new markets.

With headquarters in Barcelona and Cordoba, the company has around seventy employees in the country, ten more are located in the United States, and in India, where it opened its factory in 2005, it employs three hundred people. Facet Barcelona also has around twenty sales agents throughout Europe.