Watches of Switzerland, a luxury watch group owned by Apollo Global Management, has officially announced its plans for an IPO worth over £600 million. The company, known for its high-end watch brands like Rolex and Omega, is seeking to list on the premium segment of the London market with a potential valuation of £800 million.
The decision to go public comes as Watches of Switzerland aims to raise £155 million to reduce its debt, support its growth strategy, and enhance its market presence. With a strong foothold in the UK and a growing presence in the US, the company is poised for further expansion with the recent opening of new boutiques in key locations like New York and Las Vegas.
CEO Brian Duffy is optimistic about the company’s future growth prospects, stating, “Our transformation is complete, and we are now the UK’s leading luxury watch retailer, with a strong presence in the US market. Going public will give us the opportunity to accelerate our growth and capitalize on the significant market opportunities ahead.”
In the fiscal year ending in April 2019, Watches of Switzerland reported a 22.5% increase in revenues, driven by robust sales of luxury brands across both the UK and US markets. With solid performance indicators in place, the company is well-positioned to attract investors and watch enthusiasts looking to capitalize on the thriving luxury watch market.
As Watches of Switzerland prepares for its IPO in early June, all eyes will be on the company as it embarks on the next chapter of its growth story. With a strong track record of success and a clear growth strategy in place, the company is poised to make a significant impact on the global luxury watch market.
To learn more about Watches of Switzerland’s IPO and market performance, visit their official website and stay tuned for updates on their stock listing on the London Stock Exchange. WatchPro Retail Gazette
