FinancialsMay 15, 2023
Richemont Chair Shoots Down Reports of Acquisition by LVMH FinancialsMay 18, 2023
Watches of Switzerland’s Full-Year U.S. Sales Climb 52%
CEO Brian Duffy also detailed a new joint venture partnership with Audemars Piguet.
Pictured is Watches of Switzerland’s store in the Mall of America. The company posted double digit growth in its fourth quarter and for the full year.
London—Watches of Switzerland ended its fiscal year on a high note, posting double digit growth in its fourth quarter.
The company also posted record revenue for the full fiscal year, in spite of a "more challenging trading environment in the second half," said CEO Brian Duffy.
He touted a “record year of revenue and profitability” and expressed confidence in the year ahead.
Here are four important takeaways from the company’s recent earnings report.
Watches of Switzerland posted strong revenue growth in Q4 and FY23.
For the fourth quarter ended April 30, the company posted £371 million ($463.5 million) in total revenue, up 22 percent year-over-year.
In the U.S., revenue climbed 27 percent in Q4, totaling £173 million ($216.1 million).
In the U.S., revenue climbed 27 percent in Q4, totaling £173 million ($216.1 million).
For the fiscal year, revenue totaled £1.54 billion ($1.92 billion), up 25 percent year-over-year.
Revenue in the U.S. climbed 52 percent to £653 million ($815.8 million).
Luxury watch revenue for the year was up 28 percent, driven by increases in average selling price and volume, while luxury jewelry revenue was up 10 percent.
The company’s e-commerce revenue was up 3 percent.
Notably, revenue from its pre-owned segment was up double digits, said the company, with pricing and margins maintained.
The company has several new projects in the pipeline.
Watches of Switzerland has a long list of new projects for the fiscal year ahead.
Its multi-brand showroom opens this month in the American Dream mall in New Jersey, with its multi-brand showroom at One Vanderbilt in New York opening in January 2024.
Its multi-brand showroom opens this month in the American Dream mall in New Jersey, with its multi-brand showroom at One Vanderbilt in New York opening in January 2024.
Its refurbished and expanded Mayors location in Dadeland, Florida also opened this month.
Internationally, the first Watches of Switzerland multi-brand showroom in Europe will open in the Mall of the Netherlands, The Hague at the end of the calendar year.
Its Rolex flagship on London’s Old Bond Street will open in the first half of 2024.
Its Rolex flagship on London’s Old Bond Street will open in the first half of 2024.
A new Tudor flagship boutique will also open on Old Bond Street in Q4 of fiscal 2024.
It’s been expanding its mono-brand portfolio elsewhere in Europe as well, with new TAG Heuer stores opening in Berlin and Stockholm.
It’s been expanding its mono-brand portfolio elsewhere in Europe as well, with new TAG Heuer stores opening in Berlin and Stockholm.
As of April 30, the company has 193 showrooms across the U.K., U.S. and Europe, including 80 mono-brand boutiques with Rolex, Omega, TAG Heuer, Breitling, Tudor, Audemars Piguet, Grand Seiko, Bulgari, and Fope, as well as its e-commerce presence.
Watches of Switzerland has entered into a partnership with Audemars Piguet.
The highlight on its list of new projects is a joint venture partnership with luxury watch heavyweight Audemars Piguet.
The company has signed a letter of intent with the brand confirming its intention to open a store in the U.K. in St. Anne’s, Manchester, England.
Duffy said, “This is an important expansion in our partnership with Audemars Piguet which has spanned more than 50 years and we look forward to what will be a great showroom for the city of Manchester.”
The location is slated to open in the spring of 2024.
Watches of Switzerland is predicting revenue growth in its future.
“We enter FY24 significantly ahead of where we expected to be in our long range plan following two years of exceptional performance and notwithstanding the macroeconomic backdrop,” said Duffy.
For fiscal 2024, the company is forecasting revenue growth of 8 to 11 percent at constant currency, between £1.65 billion and £1.70 billion ($2.06 billion to $2.12 billion), with EBIT margin in line with the prior year.
“We remain confident in our goals to maintain our leadership position in the U.K., become the clear leader in the U.S., and capitalize on our growth potential in Europe,” Duffy said.
The company is expecting the “more challenging” trading environment of the second half of fiscal 2023 to continue into the first half of fiscal 2024 but foresees improvement in the second half.
It expects a “modest” sales decline in Q1 of FY24 that will normalize by the second quarter.
More on Financials
The Latest
EditorsSep 16, 2025
Out & About: 7 Great Quotes From Converge in CarlsbadAt Converge 2025, Editor-in-Chief Michelle Graff attended sessions on DEI, tariffs, security, and more. Here are her top takeaways.
CrimeSep 16, 2025
2 Robbery Suspects Killed in California Pawn Shop ShootoutSix people were shot last week at an Oakland cash-for-gold shop as employees exchanged gunfire with individuals trying to rob the store.
CollectionsSep 16, 2025
Chopard Adds New Designs to Its ‘Ice Cube’ Capsule CollectionThe jeweler has expanded its high jewelry offering, which launched last year, with new pieces featuring its cube motif that debuted in 1999.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
SourcingSep 16, 2025
Natural Diamond Council Launches Retailer Accreditation ProgramBen Bridge Jeweler and Lux Bond & Green were a part of the pilot program.
Weekly QuizSep 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsSep 15, 2025
Skipping the Necklace, Embracing Snakes: The Best Jewelry From the 2025 Emmy AwardsAssociate Editor Natalie Francisco shares eight of her favorite jewelry looks from the 77th annual Primetime Emmy Awards, held Sunday night.
SurveysSep 15, 2025
Resilient Shoppers to Boost Holiday Retail Sales, Says DeloitteIt’s predicting a rise in retail sales this holiday season despite economic uncertainty and elevated inflation.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
SourcingSep 15, 2025
Gemfields Achieves $32M at High-Quality Emerald AuctionIt included the sale of the 11,685-carat “Imboo” emerald that was recently discovered at Kagem.
SourcingSep 15, 2025
AGTA Elects 8 Members to Board of Directors The newly elected directors will officially take office in February 2026 and will be introduced at the organization’s membership meeting.
EditorsSep 12, 2025
Out & About: Mining Sapphires in Rock Creek, MontanaAssociate Editor Lauren McLemore headed out West for a visit to Potentate Mining’s operation hosted by gemstone wholesaler Parlé Gems.
TrendsSep 12, 2025
Piece of the Week: Arunashi’s Fordite and Rhodolite EarringsFordite is a man-made material created from the layers of dried enamel paint that dripped onto the floors of automotive factories.
Events & AwardsSep 12, 2025
Al Gilbertson Wins 2025 Robert M. Shipley AwardGilbertson has worked as a researcher, jeweler, lapidary artist, appraiser, and business owner throughout his decades in the industry.
Policies & IssuesSep 11, 2025
Supreme Court to Hear Tariffs Case in November A decision likely won’t come until January 2026 at the earliest, and the tariffs remain in effect until then.
MajorsSep 11, 2025
Tabayer Opens Nordstrom Shop-In-ShopLocated in the revamped jewelry hall at the retailer’s New York City flagship, this opening is Tabayer’s first shop-in-shop.
SourcingSep 11, 2025
Need to Sell More Natural Diamonds? De Beers Has an App for ThatThe new, free app offers accessible educational content, like games and podcasts, for U.S. retailers.
MajorsSep 10, 2025
Stuller to Swap Gold Scrap for Full Credit to AccountAs the gold price rises, the manufacturer is offering a 100 percent payout through Sept. 30 for gold clean scrap.
SourcingSep 10, 2025
Tech Meets Style in the New Loewe x Jacob & Co. HeadphonesJacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.
MajorsSep 10, 2025
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.
SourcingSep 09, 2025
Anglo American to Merge With Canadian Copper Miner Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New YorkThe industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship WinnersThe nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in AustinThe Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.
MajorsSep 08, 2025
MJSA Is Officially Now Under JA’s UmbrellaThe two organizations have finalized and signed the affiliation agreement announced in May.
AuctionsSep 08, 2025
Sotheby’s To Auction ‘Exceptional’ Collection of JAR, Suzanne Belperron JewelsThe single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.
