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.
Editors' Picks
Sponsored by
More on Financials
The Latest
SurveysApr 03, 2025
2025 Retail Sales to Grow More Slowly Amid ‘Uncertainty,’ Says NRFThe National Retail Federation expects retail sales growth to return to pre-pandemic levels as consumers continue to face inflation.
TrendsApr 03, 2025
Tallulah Willis Imbues Antique Engagement Ring With MagicThe 4-carat, old mine brilliant-cut diamond engagement ring was co-designed by Willis and New York City-based brand Karina Noel.
SourcingApr 03, 2025
Canadian Mine Produces 158-Carat Yellow Diamond Rio Tinto unearthed the diamond at its Diavik mine in Canada’s Northwest Territories.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
CollectionsApr 03, 2025
Buccellati to Open Immersive Exhibition in MilanThe multisensory experience, open April 8-13, will feature the brand’s silver creations among dream-like scenes of natural landscapes.
Weekly QuizApr 03, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesApr 03, 2025
Jewelers of America to Hold Webinar on TariffsThe virtual event will take place April 7 at 3 p.m.
CollectionsApr 02, 2025
Bea Bongiasca’s ‘Tarallo’ Collection Expansion Is a ZooThe pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
MajorsApr 02, 2025
Neiman Marcus’ Dallas Flagship Will Remain Open, For NowParent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.
SourcingApr 02, 2025
Winston’s Collection of Natural Color Diamonds Now on Display in D.C. Ronald Winston, son of Harry Winston, donated the diamonds to the Smithsonian National Museum of Natural History in Washington, D.C.
Events & AwardsApr 02, 2025
Punchmark to Host Client WorkshopThe educational event will take place in Charlotte, North Carolina, this May.
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 YearsThe independent jeweler first opened its doors in 1888.
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With AcquisitionThe Utah-based company known for making wedding bands has acquired Doubloon Golf.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
SourcingMar 28, 2025
19th-Century Jade Book Now Available in EnglishLotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.
