Watches of Switzerland Group benefits from robust demand for luxury
Watches of Switzerland Group saw its group revenue rise by 31% to £391 million in its first quarter after it benefited from a resilient UK customer base and strong growth in the US.
In the 13 weeks to 31 July, UK sales grew by 8% to £239 million while sales in the US doubled to £152 million.
The luxury watch category accounted for 87% of revenue following a 32% increase in sales to £342 million. Luxury jewellery also performed well with a 36% uplift to £27 million.
Brian Duffy, chief executive of Watches of Switzerland, said: “The first quarter continued with strong momentum throughout, and we carry this positive momentum into the second quarter. Despite the well-publicised concerns about the macro-environment, demand for our products remains robust with client registration of interest lists continuing to extend.
The group said it reaped the reward of investment in store design, the strength of its brand partnerships and its international scale in the period. It also benefited from a range of marketing campaigns and its advanced systems technology,
Looking ahead, Duffy added: “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.”
The group has also announced that it will be relocating its 900 square foot Rolex Boutique on London’s Bond Street to a new 7,200 square foot location on Old Bond Street next year.
Duffy said: “This new flagship will reflect the importance of the London market and the special relevance of London to the history of Rolex.”
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