WatchesAug 04, 2022
4 Takeaways from Chrono24’s Analysis of the Luxury Watch MarketFinancialsAug 17, 2022
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.
Pictured here is Watches of Switzerland’s store in the Mall of America. The company’s first-quarter revenue was up 31 percent year-over-year.
London—Watches of Switzerland kicked off its fiscal year on a high note but is looking cautiously to the year ahead.
“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.
Related stories will be right here …
“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.
More on Financials
The Latest
Supplier BulletinJul 03, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New AmbassadorThe 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.
MajorsJul 03, 2025
Muse Sets Up Shop in Nordstrom’s New Jewelry HallThe West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.
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.
SourcingJul 03, 2025
SRK Announces Its Natural Diamonds Are Now Carbon-NegativeThis past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.
Weekly QuizJul 02, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 03, 2025
Piece of the Week: A Firework of Diamonds From YepremThe brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.
CrimeJul 03, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
MajorsJul 02, 2025
Boucheron Looks to LA for First West Coast FlagshipLocated on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.
MajorsJul 02, 2025
Marco Bicego Opens Milan FlagshipThe new location continues the brand’s celebration of its 25th anniversary.
WatchesJul 02, 2025
Chrono24 Revamps Brand, Launches New CampaignThe online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.
SourcingJul 02, 2025
Bernadette Mack Joins Gem Legacy as Executive DirectorShe will oversee strategic planning, fundraising, industry partnerships, and the launch of the Gem Legacy Campus in Tanzania.
CrimeJul 02, 2025
Pandora, Amazon Partner to Uncover Counterfeit Jewelry NetworkWorking with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.
MajorsJul 01, 2025
Cast Closes Business, Plans for RelaunchThe jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship ProgramThe company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73He is remembered for his successful entrepreneurship, generosity, and dedication to his family.
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report SaysThe jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.
TrendsJul 01, 2025
Amanda’s Style File: Red Hot RubiesWelcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.
ColumnistsJun 30, 2025
The Smart Lab: Why Q3 Is the Secret Weapon For Holiday Jewelry SalesThe best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education ScholarshipThis year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry“The Jewelry Book” comes out this September.
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
IndependentsJun 27, 2025
David Webb Announces New Hires, PromotionsFollowing its recent acquisition, the storied brand has updated its leadership team and regional managers.
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
