Watches of Switzerland sales surge as luxury demand ‘remains robust’

Group revenues jumped 25% on a constant currency basis to £391m during the 13 weeks to July 31 – the retailer’s first quarter. 

Luxury watch sales grew 32% to £342m, while jewellery sales climbed at a similar rate of 36% to £27m.  

Eccomerce revenues rose 14% across the group as Watches of Switzerland hailed the impact of “ongoing investment in our multichannel strategy”. 

Sales in Watches of Switzerland’s core UK market increased 8% year on year to £239m, while revenue raked in from its fast-growing US division surged 76% in constant currencies to £152m. 

Alongside the sales update, Watches of Switzerland unveiled plans to relocate its Rolex Boutique.

The retailer will vacate the 900 sq ft property next year and upsize to a 7,200 sq ft flagship also on Old Bond Street. 

Watches of Switzerland boss Brian Duffy said the Old Bond Street plan formed part of an “exciting and growing pipeline of new projects” and said it would “reflect the importance of the London market and the special relevance of London to the history of Rolex”.

On the retailer’s first-quarter performance, Duffy said: “Despite the well-publicised concerns about the macro-environment, demand for our products remains robust with client registration of interest lists continuing to extend.

“Within a large, diffuse and growing market, we are benefiting from our distinctive business model – namely our investment in leading store design, the strength of our brand partnerships, our international scale, our bold marketing campaigns, our advanced systems technology and our dedication to client experience.

“We continue to focus on attracting new clients and growing market share in the UK and US. We have seen positive early results from our expansion into Europe. As we continue to invest in our multichannel model and new incremental projects, we remain confident in our long-range plan.”

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