Watches of Switzerland: US market lifts group sales
Watches of Switzerland has reported an uptick in revenue growth due to growing demand in the US market despite luxury watch sales stagnating in the UK and Europe.
In a trading update to markets today, the luxury watch firm said group revenue for the 26 weeks ending 27 October was up 4 per cent year-on year to £785m.
While the UK market turned positive, the group said the US was also a key driver in its most recent financial success, with revenue up 24 per cent to £355m.
UK and Europe revenue was down just one per cent from the year prior to £430m.
Brian Duffy, chief executive of Watches of Switzerland, said this is attributed to the firm’s newly acquired Roberto Coin business in North America earlier this year.
Duffy added: “Our newly acquired Roberto Coin business in North America has traded strongly since acquisition and is now making a good contribution to our Group.
“Integration is progressing well, and growth plans are underway. We are also encouraged by the performance of the Rolex Certified Pre-Owned programme and the sustained growth in our overall pre-owned business.”
The firm also snapped up a New York-based media company with an editorial focus on wristwatches earlier this year as it looked to gain online growth.
Hodinkee, a watch website known as an influential editorial and e-commerce site for new and vintage wristwatches, was to the London-listed group for an undisclosed figure.
The firm expects momentum to continue as it enters the festive period of spending, with a number of new showroom openings throughout the UK and US to follow.
“This year marks the centenary of Watches of Switzerland, celebrated with a number of exclusive products, and we extend our gratitude to our colleagues for their unwavering dedication and exceptional client service throughout the year,” Duffy said.