London—Watches of Switzerland Group closed its fiscal year on a positive trajectory, driven by a double-digit surge in U.S. revenue.
Operating an extensive network of monobrand boutiques, jewelry stores, and Watches of Switzerland outlets across the U.S., U.K., and Europe, the retailer revealed preliminary results on May 15, aligning with luxury giant Richemont’s recent report of stronger second-half sales.
For the fiscal year ending April 27, the group posted global revenue of £1.65 billion ($2.22 billion), marking a 7% increase year-over-year (8% at constant currency rates). The U.S. market was a standout, with full-year revenue climbing 14% (16% at constant currency) to £786 million ($1.06 billion).
In the first quarter of fiscal 2025, Watches of Switzerland focused on boosting showroom stock levels of key brands, particularly in the U.S., to enhance client experience and product visibility.
Addressing ongoing tariff concerns, the company noted that after an initial dip in consumer confidence following tariff announcements, U.S. trading patterns normalized in April. However, uncertainty remains over future tariff developments, complicating forecasts.
Demand for luxury timepieces remains robust, outstripping supply in both U.S. and U.K. markets. The retailer also highlighted positive consumer reception to new watch models unveiled at the Watches and Wonders show in Geneva.
Pre-owned watches have performed strongly in both markets, while Roberto Coin has emerged as a standout jewelry brand. In May 2024, Watches of Switzerland completed a $130 million acquisition of Roberto Coin’s North American division, becoming the exclusive distributor across the U.S., Canada, Central America, and the Caribbean.
“The U.S. luxury jewelry market is the largest globally and experiencing strong growth,” the company stated. “We plan to build on Roberto Coin’s momentum through key initiatives including a major marketing campaign, the launch of three mono-brand boutiques, and an upgraded e-commerce platform.”
Following last year’s acquisition of Hodinkee, integration efforts continue smoothly, with incremental growth plans underway.
The group also finalized several key projects this fiscal year, particularly for Rolex. CEO Brian Duffy highlighted the opening of a flagship Rolex boutique on Old Bond Street, London, which has exceeded expectations since its launch. Additional expansions include the relocation of Rolex to Watches of Switzerland’s Plano, Texas store, refurbishment of Mayors’ Jacksonville showroom, and conversion of a Mayors store in Atlanta into a dedicated 3,000-square-foot Rolex boutique.
Since acquiring Mayors in 2017 and expanding with independents like Betteridge in 2021, Watches of Switzerland continues to strengthen its U.S. footprint. Recent developments include a new Patek Philippe room at Betteridge’s Greenwich, Connecticut location, and an expansion in Vail, Colorado.
As of April 27, the group operates 208 locations across the U.K., U.S., and Europe, including 94 mono-brand boutiques featuring prestigious names such as Rolex, Omega, TAG Heuer, Breitling, Tudor, Grand Seiko, Hublot, Bulgari, and Fope. The company also maintains a strong e-commerce presence and locations in Heathrow Airport.
Looking ahead to fiscal 2026, Watches of Switzerland remains cautiously optimistic despite macroeconomic uncertainties and potential tariff changes in the U.S. The company emphasized confidence in the luxury watch sector’s fundamentals and its differentiated business model in the still-developing U.S. market.
Watches of Switzerland plans to release its full-year results on July 3.
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