Financials

US Sales Grow 44% for Watches of Switzerland in ‘Tremendous’ Year

FinancialsJul 07, 2022

US Sales Grow 44% for Watches of Switzerland in ‘Tremendous’ Year

Plus, CEO Brian Duffy on how supply shortages have spread to brands beyond Rolex and Patek Philippe.

2021_Watches of Switzerland Mall of America store.jpg
Pictured here is Watches of Switzerland’s new store in the Mall of America. The company’s full-year revenue was up 44 percent year-over-year.
London—Watches of Switzerland ended its latest fiscal year on a high note, posting record sales and profits.

The company has had a “tremendous year,” said CEO Brian Duffy.

“It is particularly pleasing to have delivered this performance against such strong prior-year comparatives, with the expertise and dedication of my colleagues proving invaluable,” he added.

Here are five important takeaways from the company’s recent earnings report, including Duffy’s take on the luxury watch supply problem.

Watches of Switzerland had a strong start to the year.

For the fiscal year ending May 1, the company posted £1.24 billion ($1.48 billion) in total revenue, up 37 percent year-over-year.

Sales in the luxury watches category rose 36 percent year-over-year on a constant currency basis.

Online sales climbed 5 percent year-over-year, but more than doubled compared to fiscal 2020, up 128 percent.

In the United States, Watches of Switzerland’s revenue totaled £428 million ($512.2 million), up 44 percent year-over-year.

Online sales in the U.S. are performing particularly well, said the company, with year-over-year growth driven by “expanded brand offerings, dedicated inventories, and marketing investment.”

 Related stories will be right here … 

The year ahead looks bright.

While companies like Pandora and Brilliant Earth have been hedging their bets, forecasting a slowdown in sales ahead, Watches of Switzerland has maintained a more bullish outlook.

The company said it’s heading into fiscal 2023 with “strong momentum” and believes the worst of the pandemic-related disruptions is behind it.

Watches of Switzerland predicted a recovery in foot traffic, including in its airport stores.

“Whilst we are cognizant of the wider macroeconomic environment, we believe the strength of the luxury watch category, with unique supply/demand dynamics, together with the success of our model will continue to support sustainable strong sales growth,” said the company.

Looking ahead, Watches of Switzerland maintained its full-year revenue guidance, expecting to reach £1.45 billion to £1.50 billion ($1.8 billion to $1.9 billion).

The jewelry category is still going strong.

Watches of Switzerland is best known for its luxury watch offerings, but its high-end jewelry category has been doing exceptionally well recently.

Revenue in the luxury jewelry category climbed 86 percent year-over-year on a constant currency basis.

The growth reflects a strong market, said the company, but the category also has benefited greatly from recent acquisitions.

Watches of Switzerland acquired a number of independent jewelers last year, including Betteridge, which has stores in Greenwich, Connecticut, and Vail and Aspen, Colorado.

It also scooped up the Ben Bridge store at Mall of America outside 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.

The company is continuing to grow its U.S. footprint.

Watches of Switzerland wasn’t content with just its recent acquisitions; it continues to open new stores here as well.

In the U.S, the company has 23 multi-brand stores, up from 17 last year, and 17 mono-brand stores, up from 13.

As of May 1, Watches of Switzerland had a total of 171 stores across the U.S. and U.K.

The retailer acquired a Rolex-anchored jewelry store in New Jersey last month, and recently opened a flagship store in Kenwood Towne Center in Cincinnati, Ohio.

The company also sunk money into its e-commerce performance in the U.S., investing in pre-owned watch e-tailer Analog:Shift, fitting it with a redesigned website, dedicated inventories, and a new office in New York.

“Our sustained capital investment has continued to support our growth plans. We have seen a strong performance from our recently opened and refurbished showrooms in the U.K. and U.S., and we have big plans for our European business,” said Duffy.

The company opened a Breitling boutique in Stockholm last month, with plans to open five mono-brand boutiques in Sweden, Denmark and Ireland this year.

A strong demand for luxury watches is fueling the company’s confidence.

Demand for high-end watches continues to exceed supply.

Watches of Switzerland has placed Rolex, Patek Philippe, and Audemars Piguet watches in its “super high demand” category.

In an interview with Bloomberg, Duffy said the supply issue has also spread to brands like Zenith, Omega, and IWC.

It’s difficult to keep Zenith chronographs, IWC pilot watches and Omega James Bond Seamaster and Speedmaster models in stock, he told Bloomberg.

“A lot of what we are selling we can’t get enough of in the first place,” Duffy said. “The whole industry is characterized by more demand than supply.”

This has been mostly a positive for the company, which reported average selling price growth across its brands.

Watch prices are already up an average of 4 to 5 percent, he said, but the company doesn’t expect to implement another “significant” price increase this year.

In a press release, Duffy said: "We enter FY23 with strong momentum with consumer demand continuing to outpace supply, and within this environment, we are benefitting from our strength both in showrooms and online.”

Watches of Switzerland expects to report its next results on Aug. 16.

Editor’s note: This story was corrected post-publication to reflect the fact that these results are for the full fiscal year, not the first quarter as previously reported. National Jeweler regrets the error. 

The Latest

Single Stone Bryn Ring and Grace Lee Marquise Demi Demi Ring
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement Ring

The singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.

Yvonne Léon Python Gold Bracelet
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ Bracelet

The bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.

Stock image of handcuffs
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry Heist

The heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Marie-Thérèse Pink diamond and Blue Belle sapphire necklace
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’s

The 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week. 

Weekly QuizJun 20, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Caryl Capeci Starboard Cruises
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry Shopping

The Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.

Gresham grasshopper ring
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56K

The historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Kirk Kara fine jewelry
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New Jewels

To mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.

Gemfields 36 Carat Ruby
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough Ruby

The gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.

Alex Brown
TechnologyJun 18, 2025
Alex Brown Named President of Smithee Group

Founder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.

Jade Ruzzo Gloria Collar
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1

Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.

Jewelry industry author, speaker, and sales expert Peter Smith
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?

If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.

Selection of jewelry from Sotheby’s New York High Jewelry sale
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry Sale

The top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.

Amanda Gizzi, Jewelers of America’s SVP of corporate affairs
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JA

Gizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.

Kering CEO Luca de Meo
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEO

Luca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.

Botswana Minster of Minerals and Energy Bogolo Joy Kenewendo
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las Vegas

Following visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.

Greenwich Street Jewelers Your Love Has the Perfect Ring Campaign
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ Couples

The “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.

Ivette Nersesyan-Stephanopoulos
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.

The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.

New York Liberty Nyara Sabally Catbird campaign
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand Ambassador

The New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.

Robinson Pelham Fruits of Love Pear Earrings
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear Earrings

Take a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.

Three diamonds with diagrams
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education Conference

The one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.

Ella Sophie
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella Sophie

The California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.

A pink gold Patek Philippe perpetual calendar chronograph Ref. 2499
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s

Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.

Gabriel Love Foundation Logo
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias Gabriel

The foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.

Celine Assimon
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins Bonhams

Assimon is the auction house’s new chief commercial officer.

De Beers CEO Al Cook speaking at JCK Las Vegas 2025
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and Tariffs

The De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”

×

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