Watches of Switzerland, a renowned retailer specializing in watches and jewelry, has achieved consistent growth and success in its business. In the third quarter of the company’s financial year, it experienced a significant increase of 27.9% in revenue on a constant currency basis, reaching an impressive £348.1 million. This growth represents a remarkable 36.5% increase compared to two years ago, indicating the company’s strong performance in the market. Furthermore, Watches of Switzerland expects its full-year figures to surpass expectations, highlighting its robust trading performance.
The luxury watch segment has been a notable success for the company, with sales witnessing a remarkable 21% increase compared to the previous year. Both the UK and US markets have consistently showcased considerable demand that has surpassed the available supply. Additionally, revenue from luxury jewelry witnessed a substantial spike of 88.4% compared to the previous year. This growth can be attributed to a flourishing market, an enhanced product range, and the acquisition of Betteridge, as well as the opening of a Bvlgari boutique.
Geographically, the UK market displayed a revenue increase of 20.1% in the third quarter, amounting to £223.5 million. Luxury watch sales observed a commendable rise of 15.2%, while luxury jewelry sales skyrocketed by 55.7%. Watches of Switzerland credits its thriving domestic clientele and its omnichannel approach, supported by increased digital marketing efforts, for driving sales in the UK.
In the US market, the company reported revenue of £124.6 million, which is a remarkable 44.6% increase compared to the previous year and a staggering 72.3% surge compared to two years ago. Luxury watch sales experienced a substantial growth of 32.4%, while luxury jewelry sales witnessed an extraordinary surge of 172.6%. The acquisition of Betteridge and the establishment of the company’s first Bvlgari boutique in Florida significantly contributed to this impressive growth.
Expanding its operations in Europe, Watches of Switzerland plans to open new stores in Sweden, Denmark, and the Republic of Ireland in the first half of the new financial year. This strategic move reflects the company’s ambition to replicate its triumphant performance in the UK and US markets, further solidifying its position as a global leader in the watches and jewelry industry.
CEO Brian Duffy expressed his contentment with the company’s performance, stating, “I am delighted to announce our consistent and robust growth following a highly successful Christmas trading period. We have achieved remarkable progress in both luxury watches and luxury jewelry in both the UK and US markets, demonstrating the value of our exceptional portfolio of partner brands. Moreover, I am pleased to report strong sales from the stores we acquired this year and an outstanding contribution from our new colleagues.”
Useful links relevant to the article:
1. Financial Times: Watches of Switzerland reports strong Q3 revenue growth
2. Retail Gazette: Watches of Switzerland achieves impressive Q3 sales performance
