Watches of Switzerland to expand in mainland Europe
Watches of Switzerland Group has announced plans to expand into the European luxury watch market through acquisitions and the opening of new shops as part of a five-year plan.
In its full year results statement, the group also said its revenue climbed by 13.3% in constant currency to £905.1 million in the 53 weeks to 2 May, while adjusted EBITDA increased by 34.9% to £105.4 million. Meanwhile, statutory pre-tax profit came in at £63.7 million compared to £1.5 million in the previous year.
Brian Duffy, chief executive of Watches of Switzerland Group, said “I am delighted to report a year of strong growth. Our performance is testament to the resilience and hard work of our colleagues, good support from our brand partners and our proven model, including our leading online platform and bold, impactful marketing approach. The luxury watch market remains predominantly supply-driven with demand exceeding product availability for key brands and models.”
In the UK, the group generated revenue growth of 3.6% despite enforced store closures for approximately half of the year and the impact of reduced tourist spend.
Duffy added: “In spite of the headwinds faced during the year, our teams delivered fantastic results. We generated outstanding growth and strong momentum in the US and are well positioned for future growth. In the UK, where our stores were closed for approximately half the year, we further enhanced our market-leading position.”
Watches of Switzerland said trading has remained strong in both the UK and the US since the year-end.
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