Watches of Switzerland has announced a surge in revenue, buoyed by robust demand in the US market, even as luxury watch sales remain static in the º£½ÇÊÓƵ and Europe.
In its latest trading update, the high-end watch retailer revealed that group revenue for the 26 weeks ending 27 October climbed by 4 per cent year-on-year to £785m, as reported by .
While the º£½ÇÊÓƵ market showed signs of positivity, the company highlighted the US as a significant contributor to its recent financial achievements, with revenues there jumping 24 per cent to £355m. Revenue from the º£½ÇÊÓƵ and Europe dipped slightly by one per cent compared to the previous year, settling at £430m.
Brian Duffy, the CEO of Watches of Switzerland, attributed this performance partly to the firm's acquisition of the Roberto Coin business in North America earlier this year. Duffy commented: "Our newly acquired Roberto Coin business in North America has traded strongly since acquisition and is now making a good contribution to our Group."
He continued, "Integration is progressing well, and growth plans are underway. We are also encouraged by the performance of the Rolex Certified Pre-Owned programme and the sustained growth in our overall pre-owned business."
The company has also expanded its digital footprint by acquiring a New York-based media company specialising in wristwatch editorial content earlier this year, aiming to bolster online growth. Hodinkee, known as an influential editorial and e-commerce platform for new and vintage wristwatches, joined the London-listed group for an undisclosed sum.
The company is banking on continued momentum as it heads into the festive season, anticipating a spree of new showroom launches in both the º£½ÇÊÓƵ and US. "This year marks the centenary of Watches of Switzerland, celebrated with a number of exclusive products, and we extend our gratitude to our colleagues for their unwavering dedication and exceptional client service throughout the year," commented Duffy.
