Watches of Switzerland, a well-known luxury watch retailer, has announced impressive results for the first quarter of this year. The company, which owns Mappin & Webb and Goldsmiths stores, as well as luxury monobrand watch boutiques and its own chain, experienced significant growth in both the UK and US markets. In addition to this, online sales saw a substantial increase of 15.9%.

During the three months leading up to August 1, the company’s revenue skyrocketed to £297.5 million, a remarkable rise from £151.6 million in the previous year. The UK market performed exceptionally well, with a growth rate of 104.7%.

Luxury watches have continued to be the primary driver of revenue for Watches of Switzerland, accounting for 87.1% of the total. This is a slight increase from the previous year’s figure of 86.8%. The jewelry segment of the company also fared well, generating revenue of £20.1 million.

CEO Brian Duffy acknowledged that the demand for luxury watches, particularly from renowned brands like Rolex and Patek Philippe, is surpassing supply. This trend has contributed to the increasing importance of the watch category within the company’s product offerings.

While visitor traffic to Watches of Switzerland locations is still below pre-pandemic levels, the customers who do visit are demonstrating a higher level of commitment to making purchases. They are also more willing to spend on both watches and jewelry. This could be attributed to the savings accumulated during the pandemic and the travel restrictions that have prevented the purchase of duty-free items abroad.

The strong performance of Watches of Switzerland in the first quarter exemplifies the resilience of the luxury watch market and the company’s ability to adapt to changing consumer trends. As the world gradually recovers from the impact of the pandemic, the company is well-positioned to thrive in the luxury retail sector.

Useful links relevant to this article:
Watches of Switzerland official website
Rolex official website