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Retail & Consumer

Omega, Rolex and Tag Heuer sales still rising despite gloomy economic outlook

Even as household spending pressures rise, Watches of Switzerland Group said sales could reach £1.5bn over next year

Watches of Switzerland chief executive Brian Duffy

Sales of prestige watch brands such as Rolex, TAG Heuer, Breitling and Omega have shot up according to 海角视频’s largest luxury watch retailer.

On the same day that the cost of living crisis intensified with inflation hitting 9 per cent – a 40 year high – the Watches of Switzerland group said it was seeing record sales and profits.

The Leicestershire-headquartered brand, which has 171 showrooms including Mappin & Webb and Goldsmiths in the 海角视频, and Mayors and Betteridge in the US, said there was no sign of demand slowing.

Chief executive Brian Duffy said global sales for the year to May 1 were up 40 per cent at £1.24 billion.

For the most recent three-a-bit months they were up an even better 48 per cent, with demand for luxury watches in both the 海角视频 and US “consistently exceeding supply”.

Despite the gloomy global economic outlook the business now expects sales to reach between £1.45 and £1.5 billion over the next year.

It is already planning a new Watches of Switzerland flagship showroom in the vast new American Dream shopping and entertainment complex in New Jersey, as well as a showroom in Battersea, London.

It is also continuing the roll-out of its Goldsmiths 海角视频 showroom format and launching a European presence with six single watch brand boutiques in Sweden, Denmark and the Republic of Ireland.