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
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
Weekly QuizMay 14, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
SourcingMay 15, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
TrendsMay 13, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
ColumnistsMay 12, 2026
It’s Official: We’re Getting ‘Brain Rot’ From Watching Short-Form Videos Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.
CollectionsMay 12, 2026
Jessica McCormack Debuts Antique Coin-Inspired Medallions for SummerThe 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.
IndependentsMay 12, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsMay 12, 2026
The Tiffany & Co. x CFDA Jewelry Designer Award Is BackThe partners have announced the second cycle of the program, which has expanded to include a $25,000 student scholarship.
IndependentsMay 11, 2026
Kansas Jeweler Closing After 70 YearsThe owners of Staats Jewelers are heading into retirement.
TrendsMay 11, 2026
Former Macy’s CEO Joins Signet Jewelers BoardJeffrey Gennette, who retired in 2024 after 41 years with Macy’s, is the newest member of the jewelry retailer’s board of directors.
TrendsMay 11, 2026
Amanda’s Style File: Lucky May May babies are lucky to have emeralds, a gemstone admired for centuries, as their birthstone, writes Amanda Gizzi.
TechnologyMay 11, 2026
Clientbook’s New Tool Helps Jewelers Plan In-Store EventsThe new module allows retailers to plan, promote, and measure the success of events from a single dashboard.
Lab-GrownMay 08, 2026
NDC Publicly Criticizes Pandora Over ‘Misleading’ Natural Diamond ClaimsNDC said in an open letter that Pandora’s statements about the carbon footprint of lab grown versus natural diamonds are inaccurate.
