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
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
MajorsNov 04, 2025
Danny Clark to Become Stuller CEO, Succeeding Matt StullerStuller COO Belit Myers will take on the additional role of president, with all changes effective at the start of 2026.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
Weekly QuizOct 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 04, 2025
Weston Jewelers Heads to Fort LauderdaleThe family-owned jeweler will open its fourth store in Florida in late 2027.
CrimeNov 03, 2025
Men Dressed as Construction Workers Burglarize Jeweler’s Home The NYPD is looking for three men who stole a safe and jewelry valued at $3.2 million from the home of a jeweler in Jamaica Hills, Queens.
MajorsNov 03, 2025
Matthew Rosenheim Takes Over as JA Board ChairThe trade organization also announced its executive committee and five new directors.
CollectionsNov 03, 2025
Muse’s ‘Have a Heart’ Collab Returns, Now With DDGThe “Have a Heart x Diamonds Do Good” collection is championed by model and humanitarian Flaviana Matata and will benefit her foundation.
AuctionsNov 03, 2025
Kashmir Sapphire Ring Tops Christie's Online AuctionThe ring, set with a nearly 17-carat Kashmir cabochon sapphire, sold for $1 million.
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ CollectionAfter experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
