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Strong Luxury Market Drives Watches of Switzerland

December 14, 2022  |  Joshua Freedman

Watches of Switzerland (WOS) saw sales jump in the past six months as the retailer completed acquisitions and enjoyed robust global demand for both jewelry and timepieces.

Revenue climbed 31% to GBP 765.2 million ($948.7 million) for the fiscal first half that ended October 30 compared with the same period of 2021, the company reported Wednesday. US sales soared 86% to GBP 311.4 million ($386 million), a 60% rise on a constant-currency basis. Revenue in the UK and Europe gained 8% to GBP 453.8 million ($562 million).

The UK-based business, which owns the Mayors brand and is a major retailer of Rolex watches, noted “continued strong demand for luxury watches and jewelry, with growth driven by increases in average selling price and volume.”

The results also reflect the expansion of the company’s store network, with the group opening a total of 20 showrooms across the UK, the US and Europe during the fiscal half. In late 2021, it bought the Betteridge jewelry chain.

Image: A Watches of Switzerland store. (Watches of Switzerland)


MOA_WatchesOfSwitzerland Strong Luxury Market Drives Watches of Switzerland

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