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
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
MajorsApr 17, 2026
QVC Group Files for Chapter 11 BankruptcyThe retailer reported an 8 percent decline in annual sales as it struggles under the weight of billions of dollars of debt.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
Weekly QuizApr 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
PodcastsApr 15, 2026
Episode 4: The Natural Diamond DilemmaSally Morrison and Mark Klein discuss De Beers’ first beacon in 16 years and the mistake the industry made with lab-grown diamonds.
MajorsApr 15, 2026
Spark Creations’ Randy McKenzie Dies at 72 McKenzie spent 45 years with Spark Creations and is remembered for being kind, dedicated, and hardworking.
WatchesApr 15, 2026
These Are the New Rolex Watches for 2026Rolex focused exclusively on the Oyster Perpetual this year, as the model is celebrating its 100th anniversary.
SourcingApr 15, 2026
Diamond Club West Coast Names 2026 BoardKalpesh Jhaveri was re-elected as president for a third year.
TechnologyApr 15, 2026
This Jewelry Brand’s Video Series Is Up for a Webby Award“Diamond Divas,” a social media reality series by Shahla Karimi Jewelry, is nominated in the “Best Social: Fashion & Beauty” category.
SourcingApr 14, 2026
De Beers Expands ‘Desert Diamonds’ Beacon Into BridalThe campaign seeks to reignite desire for natural diamond engagement rings by highlighting the “distinct character” of warm-toned diamonds.
SourcingApr 14, 2026
International Jade Summit to Return to MontereyPresented by Mason-Kay Jade, the summit, in its second year, will again be held during the Monterey Bay Jade Festival.
Events & AwardsApr 14, 2026
CBG Releases Details for Las Vegas ShowThe group has announced its lineup of speakers and a new “Rising Stars” pavilion.
CollectionsApr 13, 2026
Uniform Object’s New Jewelry Collection Centers on the ‘Carbon Form’The “Carbon Form” collection explores the contrast between high and low materials, using rubber cord alongside 18-karat gold and gemstones.
Events & AwardsApr 13, 2026
JA Accepting 2026 Impact Initiative ApplicationsThe program provides essential funding to organizations for projects that enhance the jewelry industry.
Events & AwardsApr 13, 2026
Couture Announces New Show in MiamiThe jewelry trade show is launching its first open-to-the-public event in Coconut Grove this November.
CrimeApr 13, 2026
JSA Offers Reward in Oregon Jewelry Store Armed RobberyJSA is seeking information about the gunpoint robbery of a Kay Jewelers location in Oregon’s Washington Square Mall.
WatchesApr 10, 2026
These Watches Have Increased in Value the Most Since 2018, Says Chrono24The top-performing watch models may be surprising, with Rolex and several popular pandemic-era picks notably absent from the top 20.
CollectionsApr 10, 2026
Ophelia Eve’s Toggle Pendant Holds Your SecretsThe “Scroll” toggle pendant, our Piece of the Week, opens to reveal a hidden message, mantra, or love letter written on washi paper.
ColumnistsApr 09, 2026
Jewelry Demand Isn’t Stronger, Prices Are Just Higher Jewelers who misinterpret the state of the jewelry market risk employing the wrong retail strategy, cautions columnist Sherry Smith.
MajorsApr 09, 2026
Tiffany & Co. Promotes Nathalie Verdeille to SVP, Chief Artistic OfficerIn her newly expanded role, she will continue to oversee the jewelry category, as well as watches, home, and accessories.
WatchesApr 09, 2026
Jacob & Co. Rolls Out Its Sequel to ‘The Godfather’ Musical Watch“The Godfather II” watch plays two melodies from the mob film’s score, “The Godfather’s Waltz” and “The Godfather Love Theme.”
Events & AwardsApr 09, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerOrganizers have also introduced the new JCK Talks Signature Series, as well as an offering of watch-focused workshops and lectures.
