Watches of Switzerland (WoS) has set out an ambitious plan to more than double its sales and profits by fiscal 2028. Despite facing difficulties in the first quarter, the luxury watch and jewelry retailer is confident in its ability to achieve its goals. WoS sees significant opportunities for growth in the UK, US, and European markets, both through organic expansion and acquisitions. CEO Brian Duffy expressed that the company is in a stronger position than ever before and is ahead of its original plan outlined in 2021. The plan includes expanding its showroom projects, engaging in M&A activities, and capitalizing on the pre-owned and luxury branded jewelry markets.

Although WoS experienced a decline in Q1 revenues due to supply issues and challenging year-on-year comparisons, the company has witnessed an improved trading performance in Q2. The US market, in particular, has shown strong momentum, and WoS has received a positive response to its Rolex Certified Pre-Owned program. Additionally, there are signs of growth in the UK market, and WoS expects its showrooms to reopen before the Christmas season.

In its effort to expand its presence in the market, WoS recently agreed to acquire 19 luxury watch showrooms, including five monobrand boutiques from Ernest Jones in the UK. This move further strengthens its position as a dominant player. In Q2, the group’s revenue increased by 5% at constant currency, and the demand for luxury watches continues to remain robust. The pre-owned business has seen substantial sales growth, indicating ample opportunities for further expansion.

Despite facing challenges in the luxury jewelry market, WoS remains optimistic about its long-term prospects. The company’s focus on driving operational leverage and capitalizing on growth opportunities positions it well for future success. With a target to surpass £3 billion in revenue, WoS aims to continue its impressive track record as the world’s largest luxury watch retailer.

Useful links relevant to the article:

1. WatchTime: An authoritative source for watch enthusiasts, providing in-depth information, news, and reviews about luxury watches.

2. Luxury Daily: A leading publication that covers the latest news and insights in the luxury industry, including watches and jewelry.