Watches of Switzerland hails ‘omnichannel excellence’ for strong trading performance

The watch specialist reported group revenue of £407m in Q3 2023 – 17% higher than the same period last year and 12% higher in terms of constant currency.

The retailer said its growth was driven by an increase in sales of luxury watches, where demand far exceeds supply, and an increase in selling price and volume.

Watches of Switzerland reported a 22% increase in the sale of luxury watches, contributing to 85% of the brand’s revenue and amounting to £340m. 

The sale of luxury jewellery saw an increase of 2% in the same period.

The group reported an ecommerce revenue increase of 5%, reflecting an increased focus on and development of its omnichannel strategy and expanding client services online.

Watches of Switzerland saw a 37% increase in revenue in the US versus a 7% increase in the UK and Europe.

It cited a “limited return of tourist spending” as one of the reasons for its slowed growth and said it will continue to expand its UK showroom infrastructure.

Brian Duffy, chief executive officer, said: “I am pleased with our strong Q3 performance, which is a testament to our continued investment in leading showroom design, the strength of our brand partnerships, our scale, our dedication to omnichannel excellence and our exceptional client service. 

“I would like to thank all my colleagues for their ongoing dedication and hard work, especially during the holiday period. Demand remains strong and continues to exceed supply, with client registration lists growing.

“We exited the quarter with good momentum and are pleased to reiterate our full-year guidance.

“Our expansion into Europe continued with the opening of our fifth mono-brand boutique, with Omega in Stockholm in the third quarter. Early trading remains positive and we are excited to open our first mono-brand boutique in Dublin with Tag Heuer later this month.

“Looking ahead, we remain confident that our strategy will further enhance our leadership position as we continue to deliver on our long-range plan objectives.”

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