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
CollectionsMay 29, 2026
Cultus Artem’s Necklace Is the Oasis in Las Vegas’ DesertThe “River of Heaven” necklace, our Piece of the Week debuting at Couture, combines 26 salt and pepper diamonds spaced by Tahitian pearls.
IndependentsMay 29, 2026
Meet the 2026 Retailer Hall of Fame InducteesThis year’s inductees include second-, third-, and fourth-generation jewelers.
Events & AwardsMay 28, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerThe author, speaker, and entrepreneur will give his presentation, “Spiritual Billionaire,” on Saturday morning.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
Events & AwardsMay 28, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach on Sunday night.
Weekly QuizMay 28, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsMay 28, 2026
Signet Jewelers to Buy The Clear Cut Signet will integrate the online-only, natural diamond-focused jeweler into Blue Nile, which it wants to position as a higher-end retailer.
CollectionsMay 28, 2026
Meet The 17 Newcomers to Couture’s Design AtelierThese up-and-coming jewelry brands are bringing their distinct aesthetic and unique point-of-view to the Design Atelier for the first time.
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.
GradingMay 28, 2026
GCAL By Sarine Launches 8X Cushion CutThe lab’s proprietary diamond cut grade has been expanded to include the popular fancy shape.
Events & AwardsMay 27, 2026
5 Security Tips for Las Vegas Jewelry Market Week 2026This year, it’s what could happen outside of show hours that worries JSA Executive Vice President Scott Guginsky.
ColumnistsMay 27, 2026
What Jewelers Can Learn From Luxury Fashion’s Digital PlaybookHigh-end fashion houses know how to emotionally connect with customers online. Retail jewelers should take note, Emmanuel Raheb writes.
Events & AwardsMay 27, 2026
Couture’s ‘The Iridescence’ Will Showcase 7 Emerging Jewelry DesignersThe designers are the third cohort of mentees from the show’s Belonging @ Couture mentorship program.
ColumnistsMay 26, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
Events & AwardsMay 26, 2026
12 JCK Talks Sessions to Add to Your Las Vegas ScheduleThe trade show’s education series returns, with sessions on retail trends, AI, watches, marketing, corporate responsibility, and more.
Events & AwardsMay 26, 2026
CBG Brings Its Curated Designer Project to Las Vegas ShowThe Curated Designer Project has expanded to highlight eight independent jewelry designers during CBG’s Las Vegas show.
TrendsMay 26, 2026
Amanda’s Style File: A Cooldown Is ComingBring a cool tone to your summer jewelry with these white metal pieces.
Events & AwardsMay 22, 2026
Instore Buys JA New York ShowThe deal closed this week, which means Instore will produce the JA NY show slated to take place this fall.
CollectionsMay 22, 2026
Leigh Maxwell Celebrates 5 Years at Couture With ‘Bauble’ CollectionThe “Bauble” capsule collection of colorful one-of-a-kinds includes our Piece of the Week, the “Bauble” earrings, featuring rose zircon.
MajorsMay 22, 2026
Stuller’s New Packaging, Display Catalog Is Out The updated catalog has a newly dedicated section for gift wrapping.
PodcastsMay 21, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
IndependentsMay 21, 2026
Springer’s Jewelers’ New Flagship Will Serve Next-Gen Luxury ShoppersFourth-generation CEO Lilly Mullen wants to emphasize experience, connection, and personalized service.
Events & AwardsMay 21, 2026
JA Announces Nina Pugliese Memorial ScholarshipThe new award, created in partnership with Henne Jewelers, honors the late designer’s legacy through supporting jewelry education.
SourcingMay 21, 2026
Botswana, Angola Join WFDBThe addition of the diamond-producing countries as nation affiliated members broadens the federation’s global representation, WFDB said.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
