Majors

Watches of Switzerland Scoops Up Independents Amid Expansion

MajorsNov 10, 2021

Watches of Switzerland Scoops Up Independents Amid Expansion

The company is widening its U.S. footprint, acquiring stores from Ben Bridge, Betteridge, and Timeless Luxury Watches.

Watches of Switzerland has a new store in the Mall of America after acquiring the location from Ben Bridge as part of its North American expansion.
New York—Watches of Switzerland just acquired five stores belonging to leading independent watch retailers in the U.S. as it continues its North American expansion.

The company scooped up Ben Bridge at Mall of America outside of Minneapolis-St.Paul; Timeless Luxury Watches in Plano, Texas; and three Betteridge stores in Greenwich, Connecticut, and Vail and Aspen, Colorado.

Terry Betteridge, who was recently inducted into National Jeweler’s Retailer Hall of Fame, and his family will continue operating the location in Palm Beach, Florida.

The acquisition prices were not disclosed, but the combined annual revenue from the five acquisitions is approximately $100 million, according to a company spokesperson.

“Each location offers exceptional opportunities for expanded growth, along with a valuable influx of existing watch clientele,” the company said in a press release about the acquisitions.

Watches of Switzerland’s acquired stores will benefit from the brand’s “unique and specialized approach to sales and customer service that includes creating immersive retail environments, supported with dynamic marketing, experiential activations, and social engagement.”

Watches of Switzerland has acquired three Betteridge stores, including this one in Vail, Colorado.
Watches of Switzerland has acquired three Betteridge stores, including this one in Vail, Colorado.

The stores will also have access to its network of resources, including its namesake brand, Analog Shift, Mayors, Mappin & Webb, and Goldsmiths.

As part of the expansion plan, the Ben Bridge and Timeless locations will be converted into Watches of Switzerland boutiques, while the acquired Betteridge locations will continue to operate under their own name for the “immediate future.”

The Betteridge store in Greenwich will be the company’s largest boutique in North America by square footage.

Terry Betteridge will take on an advisory role as Watches of Switzerland looks to integrate the multi-generational family business into its portfolio.

“In many ways, this seems like a return to our roots for Betteridge, with my family coming to the U.S. from England in 1892, bringing with them generations’ worth of metalworking skills,” said Terry Betteridge.

“I’m honored to be able to bring the experts of my house, the craftsmen and generational tradition of excellence, to join Watches of Switzerland. Being a valued part of their global network will allow for the greater world to experience what makes Betteridge so special.”

The Betteridge boutiques will continue to carry jewelry, including from brands like Chanel, Buccellati, Verdura, and Marco Bicego.

Watches of Switzerland began its U.S. expansion in 2017, when it acquired Mayors’ chain of stores from Birks.

 Related stories will be right here … 

The opening of its first U.S. flagship in New York City’s SoHo neighborhood followed.

“After three years of strong foundational growth in the U.S. market, these acquisitions and new openings are directly in line with the projections we forecasted in our long-range plan,” said Brian Duffy, CEO of Watches of Switzerland Group. 

“Through focused investment on new projects and acquisitions, we continue our geographical diversification in order to solidify our position as the preeminent leader in the U.S. market.”

A new Watches of Switzerland store also opened in Kenwood, Ohio.

The newly acquired stores, combined with its new and existing stores and Mayors boutiques, will give the company a retail footprint in the Northeast, South, Midwest and Mountain regions and operations in four new states.

It will increase its U.S. employee count by 75, through both retention and new hires. All current employees of the acquired stores were retained, said a company spokesperson.

As of Oct. 31, the Watches of Switzerland Group had 158 stores across the U.K. and the U.S., including 46 dedicated mono-brand stores in partnership with Rolex, TAG Heuer, Omega, Breitling, Audemars Piguet, Tudor, and Fope.
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

FinancialsJan 27, 2023
Tiffany & Co. Shines for LVMH in 2022

Acquired in 2021, the brand’s high jewelry sales have doubled and its new “Lock” collection was an instant hit.

CollectionsJan 27, 2023
Piece of the Week: Heavenly Vices’ Lock Necklace

The Victorian-inspired design is a functional lock and key.

Supplier BulletinJan 26, 2023
JA New York Spring Brings the Industry Together

For over 100 years, JA New York has played an integral role in facilitating the evolution of our industry, while also honoring past traditions.

Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern Grading

De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.

TrendsJan 26, 2023
At Vicenzaoro, Paola De Luca Gazes Into Jewelry’s Future

The trend forecaster and her guests explored unconventional jewelry designs, NFTs, AI art, and more during her Trendvision presentation.

Weekly QuizJan 26, 2023
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
CollectionsJan 26, 2023
NDC and Lorraine Schwartz Announce New ‘EDDI’ Class

The Emerging Designers Diamond Initiative provides diamond credit and mentorship to young brands helmed by BIPOC designers.

IndependentsJan 26, 2023
Lee Michaels Fine Jewelry Set to Open 10th Store

It will be located in San Antonio’s Alamo Quarry Market and will be Lee Michaels’ third location in the city.

Brought to you by
De Beers Institute of Diamonds Expands to Offer Education

De Beers is sharing over 130 years of experience and expertise through the De Beers Institute of Diamonds with a selection of courses.

Policies & IssuesJan 26, 2023
Diamonds Do Good Names 10 to Board of Directors

Stephanie Gottlieb, Jewelers Mutual’s Mike Alexander, and Craig Rottenberg of Long’s Jewelers are among the new board members.

WatchesJan 25, 2023
These Were 2022’s Top-Selling Watch Brands, Chrono24 Says

Rolex remained No. 1 while a brand known for its pilot watches slipped into the No. 5 spot.

Events & AwardsJan 25, 2023
Couture DAC Accepting Applications for Mentorship Program

Jewelry designers have until early February to apply to take part in Couture's Diversity Action Council program.

CollectionsJan 25, 2023
Stephanie Gottlieb Announces First President, CCO Hire

Morgan P. Richardson joins from La Perla.

Policies & IssuesJan 25, 2023
PGI’s New Portal Wants to Teach You About Platinum

The new portal will share information on responsible platinum sourcing and how it’s used beyond jewelry.

SourcingJan 24, 2023
Tiffany Buys 35 of the Last Diamonds Recovered From Argyle

Purchased directly from Rio Tinto, the collection consists of pinks, purples and one red, none larger than 1.52 carats.

ColumnistsJan 24, 2023
On Data: Here’s How Independent Jewelers Did in 2022

Sherry Smith breaks down retailers’ performance last year, including how natural diamonds fared vs. lab-grown.

GradingJan 24, 2023
GIA and AGS Launch Diamond Light Performance Supplement Report

The AGS Ideal Report by GIA is a digital-only addition to GIA diamond reports.

MajorsJan 24, 2023
WJA Announces New International Board Members

The seven newcomers include executives from David Yurman, De Beers, and GIA.

EditorsJan 23, 2023
Designers to Watch in 2023: Aurelia Demark

The designer finds the modernity in classic motifs and family heirloom jewels.

Policies & IssuesJan 23, 2023
Melanie Grant Named Executive Director of RJC

She has more than 20 years’ experience in watches and jewelry, and says sustainability is the “greatest single issue” facing the industry.

Policies & IssuesJan 23, 2023
AGTA Forms Committee to Standardize Industry ‘Sustainability’ Terms

Its focus are words like “sustainability,” “ethics,” and “responsible sourcing.”

IndependentsJan 23, 2023
10 Jewelry News Stories You Might Have Missed

Another “Designer to Watch” and Kim Kardashian’s auction purchase were among our most-read stories.

MajorsJan 20, 2023
Quality Gold Acquires Herco

Herco President Reuven Itelman is retiring and selling the company, which will relocate to Ohio from California.

Lab-GrownJan 20, 2023
Siobhán Duffy Promoted to Chief Executive of Element Six

She was previously the executive director of sales and marketing for the De Beers Group-owned company.

TrendsJan 20, 2023
Piece of the Week: Loquet London’s Lunar New Year Charm

It’s from a new collection of charms designed to go in the brand’s signature lockets.

IndependentsJan 20, 2023
Edge Retail Academy Announces Annual Award Winner

Lonnie Iannazzo of Vincent Anthony Jewelers is the 2022 William (Wag) Wagner Business Excellence Award recipient.

Lab-GrownJan 19, 2023
GIA Rolls Out Less Expensive Report for Lab-Grown Diamonds

The revised Laboratory-Grown Diamond Report-Dossier still includes the four Cs but doesn’t list growth method or post-growth treatments.

SurveysJan 19, 2023
Inflation, Rising Interest Rates Put a Damper on Holiday Sales

Holiday sales fell short of the National Retail Federation’s expectations, rising only 5 percent year-over-year.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy