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Robust Luxury Market Boosts Watches of Switzerland

February 13, 2023  |  Avi Krawitz
Watches of Switzerland (WOS)

Watches of Switzerland (WOS) reported steady growth over the holiday season, citing its US and European expansion and robust consumer demand for luxury timepieces.

“Demand remains strong and continues to exceed supply, with client registration lists growing,” CEO Brian Duffy said last week.

Revenue for the UK-based retailer rose 17% year on year to GBP 407 million ($489.9 million) during the third fiscal quarter that ended January 29. Sales across the UK and Europe grew 7% to GBP 238 million ($286.5 million), while in the US they increased 36% to GBP 169 million ($203.4 million). Sales of luxury jewelry slid 2% to GBP 41 million ($49 million) during the period.

The company acquired five showrooms in the US the previous year, which helped boost its results in the quarter. In the UK, growth was driven by domestic purchasing amid a limited return of tourist spending, while the retailer continued to expand in Europe.

Watches of Switzerland maintained its full-year revenue guidance of GBP 1.5 billion ($1.8 billion) to GBP 1.55 billion ($1.87 billion), after sales rose 25% to GBP 1.17 billion ($1.41 billion) in the first nine months.

“We believe the strength of the luxury watch and jewelry categories, the unique supply-demand dynamics of luxury watches and client registration lists, our portfolio of leading brand partnerships, and the success and agility of our model will continue to support long-term sustainable sales growth,” the company said.

Image: A Watches of Switzerland store in the Mall of America in Minnesota, US. (Shutterstock)

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Watches of Switzerland (WOS) Robust Luxury Market Boosts Watches of Switzerland

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