Watches of Switzerland is making significant strides in both the UK and US markets, showcasing strong performance even in the face of challenges brought on by the pandemic. The company’s Q2 trading update has surpassed expectations, with revenue reaching £202.7 million in the first 10 weeks of the quarter, marking a 20.2% increase year-on-year in constant currency.
The UK market has been a key contributor to this success, with domestic sales offsetting the decline in tourist and airport sales. Regional stores have been driving growth, outperforming London stores where footfall remains low. UK Q2 sales have risen by 12.6% to £145.1 million, with a remarkable 49.9% increase in e-commerce sales.
In the US, Watches of Switzerland has seen even greater momentum, with sales totaling £57.7 million, a substantial increase of 43.4% in constant currency. Luxury watches have been performing exceptionally well, alongside growth in luxury jewellery sales in both markets.
The company’s strategic moves, including new product launches, CRM efforts, and acquisitions like Analog Shift and Fraser Hart stores, have all contributed to its positive performance. The opening of a Tudor Boutique in London’s Westfield mall and an upward revision of revenue guidance for FY21 further underscore Watches of Switzerland’s upward trajectory.
With a focus on innovation, customer engagement, and strategic acquisitions, Watches of Switzerland is positioning itself for sustained growth and success in the luxury watch and jewellery industry.
To learn more about Watches of Switzerland’s latest acquisitions, click here.
For more information on the opening of the Tudor Boutique in London, visit this link.
