Watches of Switzerland has been making a significant impact in the luxury watch and jewelry market lately, showcasing impressive financial performance since its debut on the London Stock Exchange in May. The company has reported substantial growth in both revenue and profit in the past year, with a revenue increase of 22.5% to £773.5 million and a pre-tax profit surge of 181% to £20.1 million.
The company’s success can be attributed to the strong performance of its luxury watch division, which saw a revenue increase of 28.3% to £631.4 million. Luxury watches accounted for 82% of the total group sales, highlighting Watches of Switzerland’s dominance in the luxury watch market.
Additionally, the luxury jewelry segment also played a significant role in the company’s growth, with a 3% increase in like-for-like sales and a notable 18% rise in online sales. Watches of Switzerland is actively expanding in the luxury watch market in the US, with positive trading in the early part of FY20 and plans for showroom expansions and refurbishments.
CEO Brian Duffy expressed his satisfaction with the company’s successful IPO and financial results, emphasizing a focus on strong, profitable growth in both the UK and the US markets. Watches of Switzerland is poised to meet the Board’s expectations for the financial year ending in April 2020, leveraging its position as the UK’s top luxury watch retailer and a growing player in the US market to ensure continued growth in the upcoming year.
For more information on Watches of Switzerland, visit their official website here. To explore their luxury watch and jewelry collections, click this link.
