Watches of Switzerland boss targets US expansion after IPO

Brian Duffy said it was the perfect time for the specialist retailer to float and that the American market presented the best potential to grow “as it’s a bigger market [than the UK] and we start there with a smaller share”.

He said Watches of Switzerland “have our hands full” with projects in the US already, having recently acquired 15 stores in Florida under the Mayors brand name and two stores in Las Vegas, which will open under the Watches of Switzerland fascia.

Duffy also said the retailer would be opening new stores in the next few months, including two in New York, one in Boston and one in New Jersey.

He said he was confident the luxury watch market would continue to grow, and the business was ideally placed to increase its market share.

“The luxury watch market is going to continue to grow, both in the UK and the US, and we think we can continue to gain share in both. Either because of the momentum which we have overall that’s outperforming the market, or in addition [with] the investment that we’re doing with new projects and new stores,” said Duffy.

Shares in the brand have risen by as much as 17% on the first day of trading, after the group priced them towards the upper end of the published range.

As of late morning, stock was trading at 307p per share, giving the retailer a market capitalisation of £735m.

Duffy said he was “delighted” by the reaction from investors.