Rabat recovers from the pandemic thanks to the loyalty of its national clients. Although tourists are still scarce, the jewelry firm is growing again at double digits and closed the 2021 fiscal year with a turnover exceeding one hundred million euros and with a positive result, compared to the losses recorded in 2020 as a consequence of the decrease in sales caused by the health crisis. The family business, which has two emblematic jewelry stores on Paseo de Gràcia in Barcelona, faces 2022 with great optimism, although, at the same time, with prudence and, for now, has no major projects on the table nor new store openings planned. "Less is more", states Jordi Rabat, CEO and president of the company, emphatically.
"We always analyze new opportunities, but, now, what we need to do is improve what we already have, do more things with the brands, evolve the model towards omnichannel, continue seeking excellence in jewelry, be a benchmark in the distribution of the best watch brands and build loyalty with the best service to our local clients, who have always been a priority for Rabat," says the businessman, who in 2016 took the reins of the jewelry store founded by his parents in Badalona in the late 70s.
Before the pandemic, in 2019, the Rabat group reached a turnover of close to 120 million euros thanks to the good performance of the six stores it owns in Barcelona (2), Madrid, Valencia, Tarragona and Ibiza. In 2020, sales fell by 38%, to 74 million, with losses of 2.37 million, compared to profits of more than 5 million in the previous year. In 2021, the red numbers have been left behind and turnover has rebounded by 45%, to 106 million euros, a figure that is expected to grow again at double digits this year.
In a meeting with the press, Jordi Rabat explained that from May 2021, sales began to pick up thanks to national clients, who experienced a growth of 55% compared to their weight in 2019. Thus, before covid, national clients generated 40% of revenues, compared to 60% contributed by international clients. Now, this proportion has been inverted and accentuated, so that Spanish clients contribute 70% of the business and foreign clients 30%.
During the pandemic, watch sales in Rabat fell especially (-40%), while the decline in jewelry was limited to 20%. Despite the fact that the last year has been positive, the commercialization of watches from the world's most prestigious brands is still below 2019 levels (-7%). On the contrary, the jewelry line has grown by 30% compared to pre-pandemic levels. To financially cope with this latest crisis, Rabat applied for an ERTE (temporary employment regulation file) and also resorted to ICO loans. Currently, its workforce reaches 185 people, twelve more than in 2020.
Jewelry designed by the company itself in its workshops generates 30% of the turnover, while the remaining 70% corresponds to the commercialization of international prestigious brands, especially watches (90%), but also jewelry. Rolex, Omega, Hublot, Bvlgari, Breitling, Chaumet, Panerai, Chopart or Tag Heuer are some of the main brands it represents.
These prestigious firms have their own exhibition spaces in the spectacular jewelry store that Rabat has owned since 2015 in Casa Codina, at number 94 of Paseo de Gràcia, a building built in 1898 by the architect Antoni Rovira i Rabassa. It is considered the largest jewelry store in Spain, occupying six floors and also having a garden terrace available to its clients. "In this store, the idea is to be able to offer a unique experience to the client and show the universe of each brand," says Jordi Rabat.
In Casa Codina, the company also has its main workshop and corporate offices from which the Flash Rabat Group is managed, the name of the holding company, and from which the boutiques at Paseo de Gràcia 59; Valencia, Madrid, Tarragona (Rabat Zaida) and Ibiza (Rabat Viñets Rolex) also depend, the latter two in alliance with local jewelers who control 40% of the capital.
Coinciding with the pandemic, in 2020 Rabat relocated its Madrid jewelry store, moving it to Serrano street, corner with Jorge Juan, to a privileged location that had historically housed a Loewe store. In 2021, the Ibiza boutique was also expanded, occupying the ground floor of the iconic Hotel Montesol with the Rabat and Rolex brands.
Rabat was founded by Esteban Rabat in 1977 in Badalona. In its beginnings, the store designed nautical jewelry and grew thanks to its specialization in corporate gifts, until its leap to Barcelona in 2004. Subsequently, the brand expanded to Valencia (2007), Madrid (2010), Tarragona (2016) and Ibiza (2017). After joining the family business in 2002, Jordi Rabat assumed the position of CEO, replacing his father in 2016 and, in 2018, completed the generational handover process by also being appointed president. He is accompanied on the company's board of directors by Arturo Alfocea, Rabat's corporate services director, and two external directors: Jaume de Pedro and Roberto Serrano. Jordi Rabat is the brother of motorcycle racer Tito Rabat.