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Watches of Switzerland has reported a record high full-year revenue amid a supposed resurgence in demand for luxury products in the US and the UK. | Source: Retail Insight Network/Stefan_Sutka/Shutterstock
Watches of Switzerland has reported a record high full-year revenue amid a supposed resurgence in demand for luxury products in the US and the UK. | Source: Retail Insight Network/Stefan_Sutka/Shutterstock

Business is booming for Watches of Switzerland

Watches of Switzerland has reported a record high full-year revenue amid a supposed resurgence in demand for luxury products in the US and the UK.

The company reported a 7 per cent increase in sales for the past 12 months, reaching £1.65 billion ($AUD3.4 billion). Revenue increased in the UK and Europe by 2 per cent, while sales in the US spiked by 14 per cent. Luxury watch sales increased by 1 per cent, while revenue from jewellery leapt by 106 per cent due to the acquisition of Roberto Coin.

Watches of Switzerland reported significant sales increases in the second half, rising by 12 per cent on a year-on-year comparison. CEO Brian Duffy said the company was thrilled with the performance of the new jewellery brand.

Brian Duffy, chief executive officer, Watches of Switzerland Group
Brian Duffy, chief executive officer, Watches of Switzerland Group
"We are increasingly excited about Roberto Coin."
Brian Duffy, Watches of Switzerland

“Our US business has continued its excellent momentum, surpassing $1 billion revenue for the first time, bolstered by the acquisition of Roberto Coin. The UK has returned to growth as trading conditions have stabilised,” Duffy said.

“We are increasingly excited about Roberto Coin. Not only has it continued to trade well since acquisition, we see growing potential for this well-recognised brand in the large and growing US luxury branded jewellery market.”

When the acquisition was announced, Roberto Coin was listed as the sixth largest jewellery brand in the US, trailing only Tiffany & Co., Cartier, David Yurman, Van Cleef & Arpels, and Bulgari.

Watches of Switzerland expects a revenue increase of between 6 and 10 per cent over the coming year; however, it was noted that more detailed guidance would be available once the US tariff policy becomes clearer.

The company operates more than 170 stores worldwide and is a major retailer of brands such as Rolex, Omega, Cartier, TAG Heuer, and Breitling.

More reading
US demand drives positive sales for Watches of Switzerland
Media integrity: Watch industry reacts to Hodinkee purchase
Time for change: Watches of Switzerland purchases Hodinkee
Ambitious plans: Watches of Switzerland dreaming big
Watches of Switzerland finishes financial year on a high
Deal done: Watches of Switzerland acquires Roberto Coin

 











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