Watches of Switzerland, the leading luxury watch retailer, has its sights set on expanding its presence in the United States through strategic acquisitions. After successfully entering the U.S. market in 2017 by acquiring Mayors, the company has continued to grow with new store openings in prominent cities like Las Vegas and New York.
The renowned retailer, which is owned by Apollo Global Management, offers a wide range of prestigious brands including Rolex, Cartier, and Omega, solidifying its position as the largest watch retailer in the UK. With a network of over 130 showrooms, Watches of Switzerland is now contemplating a potential stock market listing to fuel its next phase of expansion.
In a rapidly changing landscape where luxury watch distribution is increasingly moving towards e-commerce, smaller family-owned businesses are facing challenges in keeping up with the evolving market demands. Many watch brands are even closing down underperforming stores, leading to a shift in the industry dynamics.
CEO Brian Duffy has expressed a keen interest in pursuing additional acquisitions in the U.S., underscoring the importance of identifying high-quality businesses with strategic locations and strong brand partnerships. With brands like Mappin & Webb, Goldsmiths, and Watch Lab already under its umbrella, Watches of Switzerland is poised for further growth through strategic acquisitions.
Discussing potential strategic moves, including a possible IPO, Duffy has suggested that a public listing on the London Stock Exchange could be on the horizon for the Watches of Switzerland Group. He believes that going public would not only provide the company with access to more capital but also help in reducing financial leverage, signaling a positive direction for future growth.
Under Apollo’s ownership, Watches of Switzerland has recorded impressive financial performance, with a notable 21 percent increase in revenue during the 2017/2018 fiscal year, accompanied by a more than one-third rise in operating profits. As the company continues to explore new avenues for expansion and potential public listing, its outlook remains bright in the fiercely competitive luxury watch retail market.
For more information on Watches of Switzerland, visit their official website here. To explore their exquisite collection of luxury watches, click here.
