FinancialsFeb 08, 2023
Pandora to Open More Stores, Expand Lab-Grown Diamond LineFinancialsFeb 10, 2023
Watches of Switzerland’s U.S. Sales Continue Climbing in Q3
Demand for luxury watches continues to exceed supply, spelling a strong quarter for the company.
Pictured here is Watches of Switzerland’s store in the Mall of America. The company’s third-quarter overall revenue was up 17 percent year-over-year, and up 35 percent in the United States.
London—Watches of Switzerland had a strong third quarter as demand for luxury watches once again exceeded supply.
Its jewelry category, however, posted muted growth after a double-digit jump in the previous quarter.
CEO Brian Duffy said, “I am pleased with our strong Q3 performance, which is testament to our continued investment in leading showroom design, the strength of our brand partnerships, our scale, our dedication to omnichannel excellence, and our exceptional client service.”
The company is confident about the rest of the year, with plans to continue expanding.
Here are five important takeaways from the company’s recent earnings report.
Watches of Switzerland’s U.S. revenue soars after strategic acquisitions.
The company posted strong results, seeing double-digit growth in the third quarter and the first nine months, but its performance in the United States stood out.
For the third quarter ending Jan. 29, the company posted £407 million ($493.9 million) in total revenue, up 17 percent year-over-year.
For the first nine months of the year, revenue was £1.17billion ($1.42 billion), up 25 percent year-over-year.
The company’s recent acquisitions of independent U.S. jewelers, including Betteridge and a Ben Bridge store, have bolstered its numbers in the country.
In the U.S., Watches of Switzerland’s revenue climbed 35 percent in Q3, totaling £169 million ($205.1 million).
For the first nine months, revenue in the region totaled £480 million ($582.4 million), up 64 percent year-over-year.
Luxury watches drove overall revenue growth, said the company, but its e-commerce performance was also strong, up 5 percent year-over-year in the quarter.
The company said it has invested in its omnichannel strategy by improving its product range, increasing next-day delivery availability, and expanding its virtual boutique team that offers client services.
In the high-end watch world, demand continues to exceed supply.
It’s a continuation of a trend seen in recent quarters.
Quarterly sales in the luxury watches category totaled £340 million ($412.6 million), up 21 percent year-over-year.
For the first nine months, revenue in the category totaled £1 billion ($1.22 billion), up 28 percent year-over-year.
Notably, pre-owned watches continue to do well, said the company, delivering strong revenue growth in the U.S. and the U.K.
The luxury jewelry category loses luster as growth slows.
Watches of Switzerland acquired a number of independent jewelers in 2021, including Betteridge, which has stores in Greenwich, Connecticut, and Vail and Aspen, Colorado.
It bought the Ben Bridge store at Mall of America outside Minneapolis-St. Paul and Timeless Luxury Watches in Plano, Texas.
The company also opened its first Bulgari boutique, which supplemented jewelry sales but could not save the quarter.
In Q3, revenue in Watches of Switzerland’s luxury jewelry category slipped 2 percent year-over-year to £41 million ($49.8 million) in the third quarter, a notable difference from the 38 percent rise seen in the second quarter.
In the first nine months, jewelry sales were up 18 percent to £97 million ($117.7 million).
Related stories will be right here …
Its jewelry category, however, posted muted growth after a double-digit jump in the previous quarter.
CEO Brian Duffy said, “I am pleased with our strong Q3 performance, which is testament to our continued investment in leading showroom design, the strength of our brand partnerships, our scale, our dedication to omnichannel excellence, and our exceptional client service.”
The company is confident about the rest of the year, with plans to continue expanding.
Here are five important takeaways from the company’s recent earnings report.
Watches of Switzerland’s U.S. revenue soars after strategic acquisitions.
The company posted strong results, seeing double-digit growth in the third quarter and the first nine months, but its performance in the United States stood out.
For the third quarter ending Jan. 29, the company posted £407 million ($493.9 million) in total revenue, up 17 percent year-over-year.
For the first nine months of the year, revenue was £1.17billion ($1.42 billion), up 25 percent year-over-year.
The company’s recent acquisitions of independent U.S. jewelers, including Betteridge and a Ben Bridge store, have bolstered its numbers in the country.
In the U.S., Watches of Switzerland’s revenue climbed 35 percent in Q3, totaling £169 million ($205.1 million).
For the first nine months, revenue in the region totaled £480 million ($582.4 million), up 64 percent year-over-year.
Luxury watches drove overall revenue growth, said the company, but its e-commerce performance was also strong, up 5 percent year-over-year in the quarter.
The company said it has invested in its omnichannel strategy by improving its product range, increasing next-day delivery availability, and expanding its virtual boutique team that offers client services.
In the high-end watch world, demand continues to exceed supply.
It’s a continuation of a trend seen in recent quarters.
Quarterly sales in the luxury watches category totaled £340 million ($412.6 million), up 21 percent year-over-year.
For the first nine months, revenue in the category totaled £1 billion ($1.22 billion), up 28 percent year-over-year.
Notably, pre-owned watches continue to do well, said the company, delivering strong revenue growth in the U.S. and the U.K.
The luxury jewelry category loses luster as growth slows.
Watches of Switzerland acquired a number of independent jewelers in 2021, including Betteridge, which has stores in Greenwich, Connecticut, and Vail and Aspen, Colorado.
It bought the Ben Bridge store at Mall of America outside Minneapolis-St. Paul and Timeless Luxury Watches in Plano, Texas.
The company also opened its first Bulgari boutique, which supplemented jewelry sales but could not save the quarter.
In Q3, revenue in Watches of Switzerland’s luxury jewelry category slipped 2 percent year-over-year to £41 million ($49.8 million) in the third quarter, a notable difference from the 38 percent rise seen in the second quarter.
In the first nine months, jewelry sales were up 18 percent to £97 million ($117.7 million).
Watches of Switzerland maintains a confident outlook.
The company stands firm on its guidance as it finishes out its fiscal year.
“Looking ahead, we remain confident that our strategy will further enhance our leadership position as we continue to deliver on our long range plan objectives,” said Duffy.
Watches of Switzerland upped its fiscal guidance in the previous quarter, citing a change in the foreign exchange rates.
It is maintaining its outlook of £1.5 billion to £1.55 billion ($1.7 billion to $1.8 billion) in sales.
“We believe the strength of the luxury watch and jewelry categories, the unique supply/demand dynamics of luxury watches and client registration lists, our portfolio of leading brand partnerships, and the success and agility of our model will continue to support long-term sustainable sales growth. We remain confident in our long-range plan objectives,” said the company.
Watches of Switzerland continues its expansion plans.
In addition to its 2021 acquisitions, the company has been opening new stores in the U.S., the U.K., and Europe, and refurbishing some of its existing locations.
It has a number of committed projects for its current quarter including the opening of a new Watches of Switzerland flagship showroom in the American Dream complex in New Jersey, set to open in April.
The company will also open its third Watches of Switzerland showroom in Manhattan, located at
One Vanderbilt in the Midtown neighborhood, anchored by Omega and Cartier.
In its home market of London, it plans to relocate its current 900-square-foot Rolex boutique on Bond Street to a new 7,200-square-foot space on Old Bond Street.
Its European expansion includes opening its fifth mono-brand boutique, an Omega location in Stockholm, Sweden and its first mono-brand boutique in Dublin, Ireland, a TAG Heuer boutique.
More on Financials
The Latest
AuctionsSep 18, 2026
7.52-Carat Unheated Paraíba Tourmaline Sells for $1.3M at Sotheby’s The top lot of the auction house’s Hong Kong jewelry sale was an Art Deco Mauboussin necklace with ruby beads, which sold for $2 million.
Policies & IssuesSep 18, 2026
Tariffs, Retail Crime Top of Mind at JA’s Annual Fly-In Retailers and manufacturers headed to the Capitol this week to discuss tariff exemptions for diamonds and gemstones, among other issues.
CollectionsSep 18, 2026
Nanis Transforms Its ‘Boule’ Into a Mirror Our Piece of the Week is a pair of drop earrings from the “Sway” collection featuring Nanis’ first use of mirror-polished gold.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
GradingSep 18, 2026
De Beers Introduces Faster Version of Diamond Screening Machine SynthDetect 2 can scan a full tray in less than five minutes, De Beers said, making it six times faster than its predecessors.
Weekly QuizSep 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsSep 18, 2026
Noonans To Auction Medieval Gold Seal Ring Recovered By 2 FriendsTwo metal detectorists discovered the ring, which may have belonged to English noblewoman Matilda of Lancaster, in Suffolk.
Policies & IssuesSep 17, 2026
Tariffs on India Could Increase as Russian Sanctions Bill Heads to Trump’s DeskThe bill has a provision that allows the president to raise tariffs on countries that import Russian oil and gas to as much as 100 percent.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
Events & AwardsSep 17, 2026
This Is the Winner of the 2026 Robert M. Shipley AwardThe American Gem Society presented the annual award to a former president of its board.
CollectionsSep 17, 2026
Cynthia Erivo, Zoë Chicco’s Jewelry Collab Is an Ode to TransformationThe “Chrysalis” capsule centers butterfly motifs representing growth, transformation, and the unfolding of who you are.
Events & AwardsSep 17, 2026
Louisiana Retailer Kevin Patton Wins Lifetime Achievement AwardJewelers of Louisiana presented Patton, the third-generation president of Pattons Fine Jewelry, with the award at its annual convention.
PodcastsSep 16, 2026
Episode 9: Remembering Cindy EdelsteinTwo special guests join the podcast to commemorate the 10th anniversary of the designer advocate, mentor, and author’s untimely passing.
CollectionsSep 16, 2026
Jessica McCormack, L’Objet Collab on Homewares CollectionMcCormack brings sea-inspired motifs from her “Beaches” collection to L’Objet’s tableware, vanity pieces, and first-ever cutlery set.
CrimeSep 16, 2026
JSA Issues Warning to NJ Jewelers After Rash of Smash and GrabsNine New Jersey jewelers have been victims of smash-and-grab robberies this year, prompting JSA to circulate a list of recommendations.
IndependentsSep 16, 2026
Bromberg & Co. Names New PresidentMarlin “Brian” Hood, who has been with the store for 20 years, will succeed Ricky Bromberg, who died earlier this month.
MajorsSep 16, 2026
Midas Chain Releases ‘House of Midas’ Bridal CatalogThe new bridal catalog features the latest jewelry collections and designs from timeless classics to modern silhouettes.
EditorsSep 15, 2026
2026 Emmys Jewelry: An Either/Or Proposition Stars wore either a necklace or earrings at 78th Primetime Emmy Awards but rarely both, Natalie Francisco notes.
ColumnistsSep 15, 2026
The Levels Your Website Must Clear Before AI Recommends YouJennifer Shaheen compares this new era of AI-powered SEO to a video game: your website must clear one level before advancing to the next.
IndependentsSep 15, 2026
Armadani Launches Retail Support Program for Holiday SeasonThe program highlights “Made in Italy” fine jewelry with digital merchandising, sales education, and local marketing support.
EditorsSep 15, 2026
Q&A: Signet Jewelers’ Joan Hilson on Diamond Demand, the HolidaysHilson, Signet’s chief operating and financial officer, discussed Q2, resurgent natural diamond demand, and why Blue Nile is a standout.
ColumnistsSep 14, 2026
Sherry Smith: Stop Waiting for December to Save Your ChristmasThe stores that have a great December are the ones that made good decisions in August, September, and October, Sherry Smith writes.
AuctionsSep 14, 2026
22 Carats of ‘Sunshine’ Are Up for AuctionThe 22.09-carat fancy yellow “Pragnell Kimberley Sunshine Diamond” is part of the fall jewelry sale at Heritage Auctions.
IndependentsSep 14, 2026
Greenwich St. Jewelers to Unveil Photography Exhibition“Adornos: Jewelry, Memory & What We Pass Down” honors the jewelry’s importance to New York City’s Latine communities.
SourcingSep 14, 2026
Gemfields Sells All Lots at First Emerald Auction in 9 MonthsThe company’s managing director of sales said the results demonstrate “continued strong demand for commercial-quality emeralds.”
SourcingSep 14, 2026
Diamonds Do Good Pledges Support for Eye Care ProgramThe nonprofit awarded a grant to the Gift of Sight initiative spearheaded by South African musician Black Coffee.
CollectionsSep 11, 2026
A Sapphire ‘Stardust’ Ring From Greenwich St. Jewelers The Latine-owned New York jeweler is marking two milestones this year: its 50th anniversary and the 25th anniversary of the 9/11 attacks.
MajorsSep 11, 2026
The Wishing Place by JTV OpensThe jewelry retail broadcast network has sponsored a new space for Make-A-Wish East Tennessee on its campus in Knoxville.
