FinancialsApr 22, 2022
Kering’s Q1 Jewelry Sales Were ‘Exceptional’FinancialsMay 18, 2022
Watches of Switzerland’s Jewelry Sales More Than Doubled in Q4
The retailer also said demand for Rolex, Patek Philippe, and Audemars Piguet watches continues to exceed its supply.
Pictured here is Watches of Switzerland’s new store in the Mall of America. The company’s fourth-quarter revenue was up 48 percent year-over-year.
London—Watches of Switzerland closed out its fiscal year on a high note, posting double-digit revenue growth for the fourth quarter and the full year.
“We have delivered another record year of revenue and profitability as we continue to progress our long-range plan,” said CEO Brian Duffy.
"We delivered an outstanding performance in both the U.S. and U.K., supported by broad-based sales growth across our portfolio of world-leading partner brands and driven by domestic clientele.”
Here are five important takeaways from its recent earnings report.
Watches of Switzerland had a good year.
In the fourth quarter ending May 1, the company posted £304 million ($378 million) in total revenue, up 48 percent year-over-year.
For the full year, revenue totaled £1.24 billion ($1.54 billion), a 40 percent year-over-year increase.
Sales in the luxury watches category were up 33 percent year-over-year in the quarter and up 32 percent for the full year.
Full-year online sales grew only 5 percent year-over-year, but that is compared with last year when the retailer’s stores were closed for 26 weeks due to COVID-19 lockdowns.
Compared with fiscal 2020, online sales more than doubled, up 128 percent.
In the United States, Watches of Switzerland’s fourth-quarter revenue totaled £136 million ($169 million), up 50 percent year-over-year.
For the full year, U.S. revenue rose 48 percent to £428 million ($532 million).
The retailer predicts another good year ahead.
Pandora and Brilliant Earth both forecast a slowdown ahead in their recent first quarter results, but Watches of Switzerland has a more bullish outlook.
The company said it is entering fiscal 2023 with “strong momentum” and expects to see a recovery in footfall and airport traffic.
“We enter FY23 with visibility of product supply for super high-demand brands for the remainder of the 2022 calendar year and an exciting program of new products and marketing from other brands,” said Duffy.
Looking ahead, Watches of Switzerland expects to see full-year revenue of £1.45 billion to £1.50 billion ($1.8 billion to $1.9 billion).
Related stories will be right here …
“We have delivered another record year of revenue and profitability as we continue to progress our long-range plan,” said CEO Brian Duffy.
"We delivered an outstanding performance in both the U.S. and U.K., supported by broad-based sales growth across our portfolio of world-leading partner brands and driven by domestic clientele.”
Here are five important takeaways from its recent earnings report.
Watches of Switzerland had a good year.
In the fourth quarter ending May 1, the company posted £304 million ($378 million) in total revenue, up 48 percent year-over-year.
For the full year, revenue totaled £1.24 billion ($1.54 billion), a 40 percent year-over-year increase.
Sales in the luxury watches category were up 33 percent year-over-year in the quarter and up 32 percent for the full year.
Full-year online sales grew only 5 percent year-over-year, but that is compared with last year when the retailer’s stores were closed for 26 weeks due to COVID-19 lockdowns.
Compared with fiscal 2020, online sales more than doubled, up 128 percent.
In the United States, Watches of Switzerland’s fourth-quarter revenue totaled £136 million ($169 million), up 50 percent year-over-year.
For the full year, U.S. revenue rose 48 percent to £428 million ($532 million).
The retailer predicts another good year ahead.
Pandora and Brilliant Earth both forecast a slowdown ahead in their recent first quarter results, but Watches of Switzerland has a more bullish outlook.
The company said it is entering fiscal 2023 with “strong momentum” and expects to see a recovery in footfall and airport traffic.
“We enter FY23 with visibility of product supply for super high-demand brands for the remainder of the 2022 calendar year and an exciting program of new products and marketing from other brands,” said Duffy.
Looking ahead, Watches of Switzerland expects to see full-year revenue of £1.45 billion to £1.50 billion ($1.8 billion to $1.9 billion).
Its Q4 jewelry sales more than doubled year-over-year.
The retailer’s luxury watch offerings account for a majority of its revenue, but its luxury jewelry category has been picking up steam.
Revenue in the luxury jewelry category more than doubled in the fourth quarter, up 124 percent year-over-year. For the full year, revenue was up 79 percent.
The company acquired a number of independent jewelers last year, including Betteridge, which has stores in Greenwich, Connecticut, and Vail and Aspen, Colorado.
It scooped up Ben Bridge at Mall of America outside of Minneapolis-St.Paul and Timeless Luxury Watches in Plano, Texas.
Watches of Switzerland also opened its first Bulgari boutique, which added to the increase in jewelry sales.
Demand for its luxury jewelry offerings has been “very positive,” said Duffy.
The company is growing its U.S. footprint.
Watches of Switzerland didn’t stop at the above acquisitions. It’s been steadily growing its U.S. store network.
The retailer announced the opening of a flagship store in Kenwood Towne Center in Cincinnati, Ohio.
Another new flagship showroom will open this year in the American Dream mall in New Jersey.
There are also plans to relocate two Mayors showrooms in Florida.
Watches of Switzerland also recently refurbished its Rolex boutique at the Wynn 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.
As of May 1, the company operated 171 stores across the U.S. and the U.K., including 55 mono-brand boutiques.
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 current fiscal year.
Demand for its high-end watches continues to exceed supply.
Watches of Switzerland places its Rolex, Patek Philippe, and Audemars Piguet watches in its “super high demand” category.
Demand for these brands has continued to exceed supply, said Duffy.
The brands have been hampered by supply chain constraints, especially Rolex.
A “restricted supply” meant sales for these brands increased “modestly” compared with prior years.
However, a limited supply of the above brands created an opportunity for other luxury watches, with sales of brands outside of these three more than doubling year-over-year.
More on Financials
The Latest
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ NecklaceAnne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong ShowJewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime AchievementMark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2 While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.
Weekly QuizJul 25, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio CharactersThe “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern IndiaThe “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.
IndependentsJul 23, 2025
Montreal’s Ecksand Eyes Move to SoHoCreative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.
IndependentsJul 23, 2025
IJO Raises Nearly $37K for LA Fire Relief Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.
CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s LondonNext week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.
SourcingJul 22, 2025
Antwerp Diamond Heist Documentary Coming to Netflix“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.
ColumnistsJul 22, 2025
The Gifting Gap: How to Market Jewelry Beyond the HolidaysEmmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.
Events & AwardsJul 22, 2025
NY Now’s Summer Market Returns in AugustThe wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.
MajorsJul 21, 2025
Rio Grande Expands Personalization OfferingsAs demand for custom jewelry grows, the company is expanding its services to support retailers.
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go VirtualThe mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement PlansHe retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm NecklaceThe charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.
MajorsJul 18, 2025
Plumb Club Elects New Board MembersThe organization elected its youngest vice president as it looks to draw in fresh talent.
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up! Sponsored by The INSTORE Jewelry Show 2025
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGovGlobally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.
