Watches of Switzerland’s Revenue Continues to Grow

Revenue at Watches of Switzerland maintained its upward momentum for the full fiscal year, primarily thanks to the US market as well as to demand for luxury brands.

Group sales rose 11% to GBP 1.83 billion ($2.44 billion) for the 12 months that ended May 3, the UK-headquartered company reported Tuesday. Revenue in the US went up 18% to GBP 927 million ($1.24 billion). The US market now accounts for more than half of the group’s revenue and profit, drawing a boost from the company’s Roberto Coin wholesale division, which showed a strong performance. Sales in the UK and Europe climbed 4% to GBP 901 million ($1.2 billion) as the luxury-watch sector continued to strengthen.

Luxury watch sales improved 10% to GBP 1.5 billion ($2 billion), while luxury jewelry increased 14% to GBP 240 million ($320.7 million).

“The US continues to be the primary engine of growth,” said Watches of Switzerland CEO Brian Duffy. “This is a major milestone in the world’s largest and fastest-growing luxury-watch market, achieved in just over eight years from entering the US. In the UK, performance has improved despite the challenging macroeconomic backdrop, with resilient demand for luxury watches and jewelry.”

The company predicted revenue for fiscal 2027 would grow between 5% and 10% at constant currency rates. The group continues to monitor the geopolitical environment and assess any broader effects on global consumer sentiment. Its direct exposure to the Middle East and tourist consumers remains limited.

Separately, Watches of Switzerland is reportedly in talks over possible offers to take it private, as shares remain below its 2022 levels, according to Reuters. However, the company has not received any formal offers, the news agency said.

Image: A Watches of Switzerland store in the Mall of America. (Watches of Switzerland)