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.
The Latest
CollectionsApr 30, 2025
Tiffany & Co. Goes Deep-Sea Diving in New Blue BookThe “Sea of Wonder” collection features pieces inspired by the ocean, from its waves to flora and creatures like urchins and sea turtles.
AuctionsApr 29, 2025
‘Golconda Blue’ Diamond Pulled From AuctionThe 23-carat fancy vivid blue diamond, set to headline Christie’s May jewelry auction, was expected to sell for as much as $50 million.
IndependentsApr 29, 2025
Maryland Jeweler to Close After 36 YearsG.B. Heron Jewelers in Salisbury, Maryland, is set to close as its owner, Jeff Cassels, retires.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
ColumnistsApr 29, 2025
Google Ads vs. Social Media Ads: Which Are More Effective?Emmanuel Raheb outlines the differences between the two platforms and posits that the most successful jewelers use both.
Weekly QuizApr 24, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingApr 29, 2025
Gemfields Mini Ruby Auction Achieves $7MThe miner said its April sale featured a mix of commercial-quality primary rubies and secondary rubies of varying quality.
CrimeApr 28, 2025
Customs Seizes Nearly 2,000 Pieces of Counterfeit Van Cleef & Arpels JewelryU.S. customs agents in El Paso, Texas, intercepted the package, which would have been worth $9 million if the jewelry was genuine.
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs Six new retail businesses were selected for the 2025 program, which began in January.
TrendsApr 28, 2025
Suzanne Kalan Launches Tech Ring Jacket CollectionHealth monitors become statement pieces when paired with the brand’s new collection of stackable diamond-studded bands.
Events & AwardsApr 28, 2025
JCK Industry Fund Announces 2025 Grant RecipientsTen organizations were selected this year.
IndependentsApr 28, 2025
John Atencio Appoints 2 to Wholesale TeamKim Carpenter and Sam Gevisenheit have joined the brand.
CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ EarringsDesigner Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.
SourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid UncertaintyThe company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.
Supplier BulletinApr 24, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. ExpansionSimon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99 A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.
SourcingApr 24, 2025
Young Diamantaires Transition to NonprofitThe organization also announced its board of directors.
TrendsApr 24, 2025
Amanda’s Style File: So CharmingCharms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in ItalyLocated in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen BrownThe basketball stars wear men’s jewelry from the “Curb Chain” collection.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthLilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth OfficerGCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.
