Dyson delivers record revenues and grew its R&D investment by 40% in 2023 as it prepares for the biggest line-up of new product launches in the company’s history
- Dyson achieved record global revenues in 2023 of £7.1bn [+9% vs ‘22]
- Despite global headwinds, Dyson significantly increased long-term investments, growing Research and Development expenditure by more than 40% in 2023. This brings total investments, including capital expenditure, to more than £2bn since 2021.
- Against this backdrop, Dyson achieved profit (EBITDA) of £1.4bn [+9% vs ‘22]
- The company – with its 6,500 strong engineering team – is now investing more than £9m per week into Research & Development including AI, robotics, and proprietary new battery technology at its main research centres in the UK, Singapore, Malaysia and the Philippines
- New award-winning products launched in 2023 include the Dyson Airstrait straightener, its robot vacuum the 360 Vis Nav, and the Dyson Zone headphones, which marked its entry into Audio and Wearables
- In 2024, these investments will accelerate Dyson’s ambitions, as it launches the biggest suite of products to date, including its expansion in Beauty technology, technology for the Home, and Wearables
Following record investments, Dyson has entered 2024 poised to launch its biggest-ever line up of new products – starting with the global reveal of its new Dyson Supersonic r™ hair dryer for professional stylists, which was seen for the first time at New York Fashion Week earlier this month. The company is now realising its investment in beauty technology and hair science: James Dyson is hosting the European launch of the Dyson Airstrait™ straightener in Paris today [Wednesday 29th February] and a suite of new technologies are planned for later this year.
Dyson’s Beauty technology, as well as innovation for the Home and its push into Wearables – with the launch of its active noise cancelling and air purifying headphones last year – mean it is addressing new audiences and placing new products at the centre of its plans. Alongside this, it is investing more than ever in Core Technologies such as next-generation batteries, robotics, software, audio and digital motors. Overall, its investment into Research and Development increased by more than 40% last year, compared to 2022.
Speaking following Wednesday’s launch event for the Dyson Airstrait™ straightener in Paris, Sir James Dyson, Founder and Chief Engineer, said:
“Despite all the headwinds, including a challenging economic environment, inflation, product shortages, and the continuing impact of the 2022 closing of our Russia business - 2023 was a very good year, in which we made record investments in our technology, in new products and in the global resilience of the company. We are ahead of our investment plan and have launched radical new products such as the professional Dyson Supersonic r™ hair dryer, Dyson Airstrait straightener, Dyson Zone and an entirely new way to clean hard floors with our wet cleaners. We are excited to get these products into people’s hands in 2024.”
Investment highlights
Philippines: A major new £166m Campus in the Philippines – announced in mid-2023 – has risen from the ground at speed and will officially open later in 2024; bringing together Dyson’s research, development and advanced digital motor manufacturing capabilities together under one roof. The new campus in Sto. Tomas, Batangas, is one of the largest investments, and most advanced technology manufacturing centres, in the country and demonstrates the growing importance of the Philippines in Dyson’s global ambitions.
Singapore: Dyson continues to develop a pioneering new-technology battery facility, the biggest investment in Dyson’s history, in Singapore.
UK: Dyson’s £100m investment in a major new Technology Centre in Bristol is under way, which will be home to hundreds of software and AI engineers working on a pipeline of products that stretches 10 years into the future, as well as the global technology company’s commercial and ecommerce teams for Great Britain and Ireland.
[Left to right: 1) Render of Dyson’s New Campus in the Philippines, 2) Render of Dyson’s battery facility in Singapore, 3) Render of Dyson’s new Technology Centre in Bristol]
New York: Dyson’s new office and Flagship store, on Mercer Street in the heart of New York’s SoHo district, will open later this year, complementing Dyson’s Fifth Avenue store.
Robotics: Dyson’s advanced robotics teams in the UK at Hullavington Airfield, is working alongside a growing team at Dyson’s AI London laboratory, and at Dyson’s global HQ in Singapore.
Manufacturing: Over the past three years, Dyson has brought its production closer to its customers, diversifying its manufacturing with new manufacturing plants in Mexico, China, and the Philippines.
Direct Retail: Dyson continues its push into direct sales, with direct retail stores worldwide and online sales accounting for an ever-growing proportion of the total.
Dyson Institute: The Dyson Institute – where undergraduates study for an engineering degree, while earning a salary and paying no tuition fees – is now home to 156 undergraduate engineers. It was the first institution of its kind to achieve new degree awarding powers and in 2023 announced that it would be offering a Master of Engineering degree to all undergraduates from September 2024. It will also offer its first post-graduate qualification, a M.Sc. in software engineering, which is open to graduates of any degree subject.
Sir James Dyson said:
“From day one of their Master of Engineering degree, our students work hard on real-world Dyson projects, are paid a salary, and face no tuition fees or student debt. Unlike other students, our undergraduates pay tax and actually contribute to the Exchequer! I hope they will go on to lead Dyson.”
Wider work and Philanthropy: The James Dyson Foundation and Dyson Family have donated more than £145m to charities supporting engineering education, and in 2023 announced a £6m donation to Malmesbury Primary School, to build a state-of-the-art STEAM centre (with Arts added to the core STEM subjects) and allow the school to expand from 420 to 630 pupils. In 2023 The James Dyson Foundation conducted nearly 1,000 engineering focused events, reaching 3.5m young people.
Elsewhere, the Dyson Cancer Centre at the Royal United Hospitals in Bath will open for patients this Spring; it is the result of a £4m donation from the James Dyson Foundation. And a £35m donation was made to Gresham’s School for a new Prep School, also with STEAM education at its core.
[Left to right: 1) The Dyson Undergraduate Village in Malmesbury, 2) Graduation of Dyson Institute Undergraduates in September 2023, 3) Teaching spaces on Dyson’s Malmesbury Campus]
Product highlights
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Dyson Airstrait™ straightener
In May 2023, James Dyson revealed the Dyson Airstrait™ straightener in New York. It subsequently launched in China and South Korea, landed on TIME’s Best Inventions list for 2023, and took the top spot in straightener sales. The product launched in the UK, France and Germany in February and in the rest of the world throughout Q1 2024.
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Dyson Supersonic r™ hair dryer
Available exclusively to professional stylists from March 2024, the product has been styling hair back-stage at fashion shows including Christian Siriano and Prabal Gurung at New York Fashion Week, and Harris Reed and Bora Aksu at London Fashion Week earlier this month.
It is Dyson’s lightest, smallest, and most precise styling tool enabled by a new, energy-dense heater technology, as well as Dyson’s highspeed electric motor and intelligent Radio Frequency Identification (RFID) on its attachments to automatically adjust performance.
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Sir James Dyson said:
“It is 30% smaller and 20% lighter and stylists argue that it is the linear, concentrated airflow that really makes the difference for them when styling, giving much greater control. This is possible because of our new etched foil heater technology, which is the smallest of its kind; it is light, incredibly power dense and produces a lamina airflow. The rapid ‘cold shot’ means styles can be quickly set and the whole process can be much more efficient.”
Floorcare
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In 2023, Dyson’s vacuums were the most awarded in the UK and won a suite of awards worldwide. The Dyson Gen5detect™, Dyson’s latest cordless vacuum, features fifth generation Hyperdymium motor technology and fully sealed, whole-machine HEPA filtration, delivering unrivalled suction power capable of capturing viruses from the home. The Dyson Submarine™ wet roller head gives the option of all-in-one wet-and-dry cordless vacuum cleaning, precision engineered to remove dust, spills, stains, and small dry debris – all with one machine.
In May 2023, Dyson revealed the Dyson 360 Vis Nav™ robotic vacuum – the most powerful robot with six times the suction of any other robot vacuum. Engineered with unique Dyson Simultaneous Localisation and Mapping (SLAM) technology, and 26 onboard sensors, the robot has a 360-degree vision system which knows where it has been, sees where to clean, and is intelligent enough to detect dust, avoid obstacles and create dust maps of your home.
Sir James Dyson said:
“We are focused on new ways to clean, including new technology for wet cleaning which does away with the need to separately vacuum and mop – it combines the two. Our household Robotic technology offers huge opportunities; our robotic vacuum is a serious, intelligent, deep-cleaning machine capable of hardcore cleaning where the others fail.”
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Dyson Zone
Dyson’s first move into Audio with the Dyson Zone™ headphones won accolades, including from Rolling Stone Magazine in the US, shortly after launch. The headphones combine advanced noise cancellation with high fidelity sound across the audible spectrum for a truly immersive listening experience. Eight noise-cancelling microphones monitor surrounding noise 384,000 times a second, cancelling background noise, while the custom-built 40mm, 16-ohm neodymium speaker driver delivers a broad frequency range for clarity in bass, mids and highs. The optional travel visor provides purified air when and where you need it.
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Sir James Dyson said:
“As an audio and purification product, the Dyson Zone takes us into an exciting new world, where individuality and fashion merge with technology and performance.”
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Dyson Big+Quiet
Dyson’s most powerful purifier has double the airflow, and projects it up to 10 metres, silently. The K-Carbon filter captures three times more NO2, and the filtration system is four times larger, effectively capturing ultrafine particles and gases, permanently destroying formaldehyde using Dyson’s Cryptomic technology.
Sir James Dyson said:
“We have known for some time that indoor air quality is a big and growing problem. We have the technology to understand it, solve it, and improve people’s environment. In addition to personal purification, we have developed purifiers for homes and workplaces, leading us to develop machines like Big+Quiet.”
Press contacts
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Press Office
Email: press.office@dyson.com
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