Watches of Switzerland’s US Sales Double in Q1
The company posted a strong start to the year but is cautious about the second half.

“The first quarter continued with strong momentum throughout, and we carry this positive momentum into the second quarter,” said CEO Brian Duffy.
“Despite the well-publicized concerns about the macro-environment, demand for our products remains robust, with client registration of interest lists continuing to extend.”
Here are five important takeaways from the company’s recent earnings report.
Watches of Switzerland had a strong start to the year, with U.S. revenue doubling.
For the first quarter ending July 31, the company posted £391 million ($471.4 million) in total revenue, up 31 percent year-over-year.
Sales in the luxury watches category rose 32 percent year-over-year.
Online sales climbed 14 percent year-over-year as the company continues to invest in its multi-channel strategy.
In the United States, Watches of Switzerland’s revenue doubled, totaling £152 million ($183.3 million) compared with £76 million ($91.6 million) in the prior-year period.
Differentiating itself from the competition has been key to its success, said Duffy.
“Within a large, diffuse, and growing market, we are benefitting from our distinctive business model—namely our investment in leading store design, the strength of our brand partnerships, our international scale, our bold marketing campaigns, our advanced systems technology, and our dedication to client experience,” he said.
The company is maintaining its guidance, citing a “more challenging” second half of the year.
Watches of Switzerland is reiterating its guidance for fiscal 2023, due to “a potentially more challenging trading environment” in the second half of the year.
The company expects to reach £1.45 billion to £1.50 billion ($1.8 billion to $1.9 billion) in revenue with adjusted EBITDA flat to 0.5 percent.
“While we continue to monitor the wider macro-economic environment, we believe that the strength of the luxury watch category, with its unique supply/demand dynamics, together with the success and agility of our model, will continue to support long-term sustainable strong sales growth,” said the company.
Its luxury jewelry category is keeping up the momentum.
Watches of Switzerland is best known for its luxury watch offerings, but its high-end jewelry category has been doing particularly well in recent quarters.
Revenue in the luxury jewelry category climbed 36 percent year-over-year to £27 million ($32.6 million) in the first quarter.
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 recently opened its first Bulgari boutique, which added to the increase in jewelry sales.
It’s growing its pre-owned business via Analog:Shift.
Watches of Switzerland acquired pre-owned and vintage watch seller Analog:Shift in September 2020 as a way to bolster its offerings in those categories.
Interest in vintage and pre-owned timepieces has been increasing, said the company at the time of the acquisition, and the lack of availability of select newer models from brands like Rolex and Patek Philippe added more opportunity.
Mayors Jewelers and Analog:Shift, both under the Watches of Switzerland umbrella, partnered with lifestyle brand Goop on a new e-commerce and retail venture in June.
As part of the partnership, Goop expanded its fine jewelry and timepiece assortment with a curated collection of vintage watches and jewelry staples from the brands on its website and in its Sag Harbor, New York brick-and-mortar location.
Its new Rolex boutique in London will be eight times the size of the old one.
Its home market of London is particularly important to the company.
Watches of Switzerland announced it will relocate its current 900-square-foot Rolex boutique on Bond Street to a new 7,200-square-foot space on Old Bond Street.
The move is set to take place next year.
“This new flagship will reflect the importance of the London market and the special relevance of London to the history of Rolex,” said Duffy.
The Latest

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.


The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

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.

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

JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Creative 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.

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

“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.

Emmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.

The wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.

As demand for custom jewelry grows, the company is expanding its services to support retailers.

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The organization elected its youngest vice president as it looks to draw in fresh talent.

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

Sponsored by The INSTORE Jewelry Show 2025

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.