FinancialsDec 14, 2021
Watches of Switzerland Posts Strong H1 Despite Supply WoesFinancialsFeb 10, 2022
Watches of Switzerland’s Q3 Jewelry Sales Up 88%
Jewelry sales were strong following its acquisition of Betteridge and the opening of its first Bulgari boutique.
Pictured here is Watches of Switzerland’s new store in the Mall of America after acquiring the location from Ben Bridge as part of its North American expansion. The company’s third-quarter revenue was up 28 percent year-over-year.
London—Watches of Switzerland delivered a strong third quarter, with jewelry sales nearly doubling following its acquisition of Betteridge and the opening of its first Bulgari boutique.
In the third quarter ending Jan. 30, the company posted £348.1 million ($472.6 million) in total revenue, up 28 percent year-over-year.
Revenue was up 35 percent compared with the third quarter of pre-pandemic 2019.
For the first nine months of the year, revenue totaled £934.3 million ($1.27 billion), up 36 percent year-over-year and up 36 percent compared with pre-pandemic 2019.
“I am pleased to report continued strong momentum for our group following a successful Christmas trading period,” CEO Brian Duffy said.
“We have delivered impressive growth in both luxury watches and luxury jewelry in both the U.K. and U.S. markets, demonstrating the value of our portfolio of world leading partner brands.”
The positive performance was driven by strong demand for luxury jewelry and watches.
The luxury watches category was up 21 percent year-over-year in the quarter and up 33 percent for the first nine months of the year.
“Demand for luxury watches continues to be very strong in both the U.K. and the U.S., consistently exceeding supply,” said Watches of Switzerland in a press release about the results.
Its “super high demand” watch brands include Rolex, Patek Philippe, and Audemars Piguet.
The brands have been hampered by supply chain constraints, especially Rolex, but full-year intake was in line with the company’s expectations.
A limited supply of the above brands meant stronger sales for other luxury watches, with sales in the category excluding those three more than doubling, up 112 percent year-over-year.
The luxury jewelry category was up 88 percent year-over-year in the quarter and up 70 percent in the first nine months of the year.
Online sales for the quarter slipped 1 percent compared with last year, when U.K. stores were closed four out of the 13 weeks in the quarter due to COVID-19 restrictions.
The results reflect a strong market, said the company, as well as incremental growth from its recent Betteridge acquisition and the opening of its first Bulgari boutique.
Related stories will be right here …
In the third quarter ending Jan. 30, the company posted £348.1 million ($472.6 million) in total revenue, up 28 percent year-over-year.
Revenue was up 35 percent compared with the third quarter of pre-pandemic 2019.
For the first nine months of the year, revenue totaled £934.3 million ($1.27 billion), up 36 percent year-over-year and up 36 percent compared with pre-pandemic 2019.
“I am pleased to report continued strong momentum for our group following a successful Christmas trading period,” CEO Brian Duffy said.
“We have delivered impressive growth in both luxury watches and luxury jewelry in both the U.K. and U.S. markets, demonstrating the value of our portfolio of world leading partner brands.”
The positive performance was driven by strong demand for luxury jewelry and watches.
The luxury watches category was up 21 percent year-over-year in the quarter and up 33 percent for the first nine months of the year.
“Demand for luxury watches continues to be very strong in both the U.K. and the U.S., consistently exceeding supply,” said Watches of Switzerland in a press release about the results.
Its “super high demand” watch brands include Rolex, Patek Philippe, and Audemars Piguet.
The brands have been hampered by supply chain constraints, especially Rolex, but full-year intake was in line with the company’s expectations.
A limited supply of the above brands meant stronger sales for other luxury watches, with sales in the category excluding those three more than doubling, up 112 percent year-over-year.
The luxury jewelry category was up 88 percent year-over-year in the quarter and up 70 percent in the first nine months of the year.
Online sales for the quarter slipped 1 percent compared with last year, when U.K. stores were closed four out of the 13 weeks in the quarter due to COVID-19 restrictions.
The results reflect a strong market, said the company, as well as incremental growth from its recent Betteridge acquisition and the opening of its first Bulgari boutique.
In a move to bolster revenue, the company has continued to expand in the U.S. market.
In the region, third-quarter revenue totaled £124.6 million ($169.2 million), up 44 percent year-over-year and up 67 percent compared with the third quarter of 2019.
U.S. luxury watch sales were up 32 percent year-over-year, while sales of other luxury watch brands more than tripled, up 214 percent year-over-year.
Jewelry sales in the U.S. were especially strong, up 173 percent following its Betteridge acquisition, which was completed in December 2021, and the opening of its first Bulgari boutique.
For the first nine months of the year, U.S. revenue totaled £292.1 million ($396.6 million), up 41 percent year-over-year and up 57 percent compared to the same period in 2019.
The company recently acquired five stores belonging to leading independent watch retailers in the U.S. as it continues its North American expansion.
It 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.
The acquisitions brought its U.S. network up to 36 stores, including 22 multi-brand and 14 mono-brand boutiques, located in 12 states.
As of Jan. 30, the company operated 171 stores across the U.S. and the U.K., including 51 mono-brand boutiques.
It also refurbished its Rolex boutique at the Wynn Resort in Las Vegas, reopened Mayors Millenia in Florida, and expanded its mono-brand boutique network with the opening of Breitling Short Hills, New Jersey and Tudor Millenia in Florida.
The company is also expanding in Europe, opening six mono-brand boutiques in Sweden, Denmark, and Ireland, set to open in the first half of its next fiscal year, which begins in May.
Looking to the year ahead, the company is expecting full-year revenue to be near the top end of its guidance, which was previously raised following a strong performance in the first half.
It expects revenue of £1.15 billion to £1.20 billion, assuming there are no significant changes in market conditions.
The company has plans to open a new flagship store in Cincinnati and three new mono-brand boutiques in the U.K. It will also refurbish Mayors in Boca Raton, Florida.
Looking further ahead to its next fiscal year, it plans to expand its mono-brand boutique store network in the U.S. and the U.K. even further and continue to refurbish the Mayors store network in Florida.
A new flagship will open in the American Dream mall in New Jersey as well as a new Watches of Switzerland store in London.
More on Financials
The Latest
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
Weekly QuizDec 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 04, 2025
Step Inside JR Dunn Jewelers’ Giant New Store The Florida independent expanded its store from 8,000 to 14,000 square feet, fulfilling the vision of its late co-founder, Jim Dunn.
Supplier BulletinDec 04, 2025
Introducing Shop Natural Day: A New Movement Celebrating Natural DiamondsSponsored by De Beers Group
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
WatchesDec 04, 2025
Casio Shrinks its G-Shock WatchThe classic 5600 series G-Shock has been scaled down to about a tenth of its size, becoming a fully functioning watch ring.
Events & AwardsDec 04, 2025
AGA Announces 2026 Tucson Speaker LineupThe association’s annual conference and gala will take place Feb. 4, 2026, during the Tucson gem shows.
Events & AwardsDec 04, 2025
CBG Announces Speaker Lineup for 2026 Miami Event The January show will include a workshop for jewelry retailers on implementing AI to strengthen their businesses.
TrendsDec 03, 2025
Miley Cyrus Debuts Edgy Engagement RingFellow musician Maxx Morando proposed to the star with a chunky, cushion-cut diamond ring designed by Jacquie Aiche.
Policies & IssuesDec 03, 2025
Costco Joins Growing Wave of Retailers Suing for Tariff Refunds The retailer, which sells billions in fine jewelry and watches, is suing the Trump administration and U.S. Customs and Border Patrol.
SurveysDec 03, 2025
A Record 202.9M Shoppers Turned Out Thanksgiving WeekendBlack Friday is still the most popular shopping day over the five-day holiday weekend, as per the National Retail Federation’s survey.
AuctionsDec 03, 2025
Fabergé’s 'The Winter Egg' Achieves Record $30MThe historic egg, crafted for Russia's ruling family prior to the revolution, was the star of Christie’s recent auction of works by Fabergé.
CollectionsDec 02, 2025
Briony Raymond Introduces First FragranceThe eau de parfum is held in a fluted glass bottle that mirrors the decor of the brand’s atelier, and its cap is a nod to its “Sloan” ring.
SourcingDec 02, 2025
Petra Diamonds Elevates Interim CEOs to Permanent StatusVivek Gadodia and Juan Kemp, who’ve been serving as interim co-CEOs since February, will continue to lead the diamond mining company.
MajorsDec 02, 2025
Lee Krombholz Takes Over as Chair of MJSA Education FoundationIn addition, a slate of new officers and trustees were appointed to the board.
IndependentsDec 02, 2025
RJO Welcomes Its 1,200th Retail MemberWitt’s Jewelry in Wayne, Nebraska, is the organization’s new milestone member.
SourcingDec 02, 2025
Brendan Laurs Honored With 2025 Bonanno AwardLaurs is the editor-in-chief of Gem-A’s The Journal of Gemmology and an expert on the formation of colored gemstone deposits.
CrimeDec 01, 2025
Fourth Man Charged in Louvre Jewelry HeistThe man, who has a criminal history, is suspected of being the fourth member of the four-man crew that carried out the heist.
AuctionsDec 01, 2025
Christie’s Presents ‘Splendor & Style’ CollectionThe single-owner collection includes one of the largest offerings of Verdura jewels ever to appear at auction, said Christie’s.
IndependentsDec 01, 2025
Lustig Jewelers’ New Owner Is a Fellow Chicago JewelerMichael Helfer has taken the reins, bringing together two historic Chicago jewelry names.
MajorsDec 01, 2025
PGI Debuts Platinum-Filled Holiday Gift GuideThe guide features all-new platinum designs for the holiday season by brands like Harwell Godfrey, Ritani, and Suna.
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
