Watches of Switzerland pushes ahead with expansion despite Covid uncertainty
Watches of Switzerland will continue with its expansion plans despite the impact of lockdown restrictions, the firm said this morning as it announced trading had remained strong throughout store closures.
The luxury watch retailer said group revenue in the third quarter jumped 5.7 per cent to £272.6m, with UK revenue up 1.5 per cent to £186.1m.
Domestic sales were strong, offsetting the impact of lower tourist and airport business during the coronavirus crisis, and e-commerce sales soared 121.1 per cent in the 13 weeks to 24 January compared to the previous year.
Watches of Switzerland said it had not experienced any disruption to its supply chain during the initial Brexit transition period.
The FTSE 250 firm said it has opened eight boutiques as part of its “mono-brand” network, with two Omega, three Tag Heuer and three Breitling stores opening during the period.
It will open Tag Heuer and Breitling stores in Cardiff immediately after the current lockdown is lifted, and has plans for new Omega, Tag Heuer and Breitling branches in Plymouth.
Watches of Switzerland chief executive Brian Duffy said: “Through maintaining consistent investment and adapting with agility to changing conditions, we have shown our strategy is working well, with initial findings suggesting we have gained further market share in luxury watches in the UK over the last year.
“With a strong plan for continued investment and future growth, we are well positioned to further enhance our leading position in the UK and become a leader in the US luxury watch market.”