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Watches of Switzerland, the British retailer of Swiss watches, reported very encouraging figures for the first half of the year in the US and UK markets.
Watches of Switzerland Group has released its half-year financial results, showing great success in the US and UK. For the 26 weeks ending October 31, 2021, the group has increased its performance by 66.7% since the first half of 2020 and expects this momentum to catapult it into a strong holiday season.
The company’s sales of leading Swiss luxury watch brands such as Rolex, Audemars Piguet and Patek Philippe totaled 586.2 million pounds, up 41.5 percent year-on-year and 36.7 percent over two years. Excluding currency effects, they increased by 44.6% and 40.8% respectively.
“I am delighted with our excellent performance in the first half of the year,” said Brian Duffy, the group’s chief executive. “We introduced a number of initiatives and improvements in difficult trading circumstances last year, which have become permanent features of the business, enabling us to continue to maintain high levels of engagement with our customers while providing an exceptional experience and delivering attractive returns. Our success in both the UK and US is a testament to the strength of our multi-channel business model, the enthusiasm and commitment of our people, and the attractive dynamics of our category where demand continues to outstrip supply.”
Rapid expansion
This success also proves the strong demand for luxury watches and jewelry, with growth led by a significant increase in volumes from brands not limited by supply. In the U.S. alone, Watches of Switzerland acquired five new stores in Dallas, Vail, Aspen, Greenwich and Minneapolis. These have generated combined annual sales of approximately $100 million.
Much of this achievement can be attributed to its ongoing investments in marketing, stores, systems and people. “Through a consistent investment program, we have further strengthened the business, setting the stage for continued success as we move forward with our long-term plan to strengthen our luxury watch leadership in the UK, become the undisputed market leader in the US and capitalize on the growth potential of the European market,” said Mr. Duffy.
Looking ahead, the group has big plans for expansion and growth. Among other things, they will continue to invest in the Mayors network in Florida and Georgia by opening renovated stores in Aventura Phase II and Boca Raton, and plan to open additional U.S. stores in cities with key markets like New Jersey and Cincinnati. They will also open a renovated Rolex store at the Wynn Resort in Las Vegas.
Read also> WATCHES OF SWITZERLAND GROUP EXPANDS IN THE US
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Watches of Switzerland, the British retailer of Swiss watches, reported very encouraging figures for the first half of the year in the US and UK markets.
Watches of Switzerland Group has released its half-year financial results, showing great success in the US and UK. For the 26 weeks ending October 31, 2021, the group has increased its performance by 66.7% since the first half of 2020 and expects this momentum to catapult it into a strong holiday season.
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Watches of Switzerland, the British retailer of Swiss watches, reported very encouraging figures for the first half of the year in the US and UK markets.
Watches of Switzerland Group has released its half-year financial results, showing great success in the US and UK. For the 26 weeks ending October 31, 2021, the group has increased its performance by 66.7% since the first half of 2020 and expects this momentum to catapult it into a strong holiday season.
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