Watches of Switzerland profits rise thanks to strong luxury demand

Watches of Switzerland has seen revenue and profits rise for its first half
The retailer saw turnover rise by 23% to £765m
// Watches of Switzerland has seen revenue and profits rise for its first half
// The retailer put the growth down to increases in average selling prices and volumes

Watches of Switzerland has said it is sticking to its full-year guidance for 2023 adding that there is a “continued strong demand” for luxury timepieces and jewellery, with the growth put down to price rises.

In half-year results, the London-listed retailer said revenue from luxury watches made up 87% of group revenue, with sales growth of 31% versus the previous year.

Group sales hit £765m, representing a leap from the £586m posted in the first-half of the 2022 financial year.

The company said trading for its full year is in line with expectations after it opened 20 new showrooms in the UK during the period, including at the new Battersea Power Station retail complex in London.

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The business also said that “significant enhancements” had been made to its Watches of Switzerland flagship Regent Street multi-brand showroom, as well as expanding and refurbished its showroom at Canary Wharf last month.

Although, jewellery sales in the UK were flat compared to the previous year, which had seen growth boosted by post-pandemic increases in weddings and social occasions.

Chief executive Brian Duffy said: “I am pleased with our strong performance in the first half of the financial year which reflects our leadership position and the strength of our longstanding brand partnerships as we continue to take market share.

“Our proven business model, international scale, bold marketing and dedication to client service truly sets us apart, and our client registration lists continue to extend as we continue to attract new clients as well as retain a loyal base of existing ones.”

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Mellie Mebane

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