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
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
Weekly QuizAug 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsAug 07, 2026
Look Ahead with Syna’s Binoculars PendantThe “Star Gazer” pendant, our Piece of the Week, is Syna’s tribute to curiosity and the discovery of something new.
CrimeAug 06, 2026
Lalique Museum to Remain Closed Following $5M HeistMuseum officials are looking to the public to help cover the “exceptional” costs involved in recovering from the July 5 smash-and-grab.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
MajorsAug 06, 2026
Claire’s Revamps Piercing Services for Second Time in Three Years The overhaul includes enhanced employee safety training and trendy earring styles, including lab-grown diamond studs.
TrendsAug 06, 2026
New Book on Handcrafted American Objects Highlights Jewelry“Handwork: Handcrafted Objects that Made America” features historic and contemporary works, including a Diné squash blossom necklace.
MajorsAug 06, 2026
AJA East Coast Names Ani Khachian as First Female President-ElectThe Armenian Jewelers Association’s East Coast chapter has also elected its 2026–2027 board of directors.
MajorsAug 05, 2026
Private Equity Firm Wants to Buy 100+ JCPenney StoresOnyx Partners has submitted a second offer to buy the department stores after its first offer fell through last year.
IndependentsAug 05, 2026
Atlanta Jeweler Introduces $10K MartiniSolomon Brothers Jewelers has partnered with local cocktail bar Roaring Social on a new martini garnished with a tennis necklace.
IndependentsAug 05, 2026
Another Member of the Siegel Family Joins Hamilton Jewelers Benjamin Siegel, son of President and CEO Hank Siegel, started working for the family business this week.
MajorsAug 05, 2026
Bulgari Opens Store in San DiegoThe new space features a modern design that blends Bulgari’s Roman heritage with San Diego’s coastal spirit.
CrimeAug 04, 2026
Crew of Thieves Break Into Indiana Jeweler’s HomeFour men were charged in connection with the break-in and accused of stealing $365,000 in cash, jewelry, and designer goods.
MajorsAug 04, 2026
Pandora Hires Former Signet Board Member to Lead North American MarketAndré Branch has more than 25 years of experience with various brands, most recently serving as CEO of Ariana Grande’s cosmetics company.
MajorsAug 04, 2026
Sasha Primak Acquires GemlokNew York-based atelier Gemlok is best known for creating the innovative “bridge” setting that became popular in the bridal market.
CollectionsAug 04, 2026
Musician Carlos Santana Launches Jewelry BrandSantana Now's debut collection, “Unidad,” features symbolic motifs as well as pieces of wood from the Woodstock stage.
CrimeAug 03, 2026
Florida Man Gets 15 Years in Trio of Jewelry Store RobberiesThe 50-year-old man pleaded guilty earlier this year to robbing two jewelry stores and a pawn shop of more than $700,000 in merchandise.
WatchesAug 03, 2026
Citizen's New Spider-Man Watch Is a Collector’s DreamThe watch’s dial features an original design by Marvel comics illustrator Adam Kubert.
Lab-GrownAug 03, 2026
Chatham Releases First Men’s CollectionThe new collection of lab-grown diamond and colored gemstone jewelry provides a “fresh perspective” on the category, Chatham said.
TrendsAug 03, 2026
Amanda’s Style File: Spinel vs. Peridot While some August babies are team peridot, the month's time-honored birthstone, others are team spinel, the newer alternative.
TrendsJul 31, 2026
These Pieces of the Week Are Sweet Edina Kiss’ “Popsicle” pendant and Karina Choudhrie’s “Ice Cream” charm satisfy that summer craving for a sweet piece of jewelry.
MajorsJul 31, 2026
Macy’s Iconic Red Shopping Bag Sign Torn DownThe massive billboard has been in the same spot on the department store’s Herald Square flagship store for decades.
SourcingJul 31, 2026
Gemfields’ H1 Revenue Jumps 72%The miner’s ruby and emerald auctions brought in a combined $102.9 million.
SourcingJul 30, 2026
De Beers Sale in ‘Final, Most Challenging’ Phase, Anglo CEO SaysThe goal is for the De Beers sale to be finished by the second half of 2026, with the subsequent approvals process expected to take a year.
