Financials

Watches of Switzerland Rolls Out Rolex CPO Program in US

FinancialsAug 15, 2023

Watches of Switzerland Rolls Out Rolex CPO Program in US

The retailer described early results as “encouraging” and said it will introduce the program in the U.K. in September.

Watches of Switzerland American Dream mall
Watches of Switzerland started rolling out the Rolex Certified Pre-Owned program at its U.S. stores in the middle of July and will take it to the U.K. this fall. Pictured is the retailer’s new store in the American Dream mall in New Jersey and the adjacent Rolex boutique.
Braunstone, England—Watches of Switzerland initiated its U.S. rollout of the Rolex Certified Pre-Owned program last month and said the reception so far has been “encouraging.”  
 
The U.K.-based retailer announced the development last week alongside the release of its results for the first quarter of fiscal year 2024, ended July 30.   
 
The quarter was marked by a strong performance in the United States, where revenue grew 10 percent at constant exchange rates to £163 million ($207 million). Watches of Switzerland said an increase in sales volume drove the growth. 
 
The retailer launched the Rolex Certified Pre-Owned (CPO) program in the U.S. in mid-July.  
 
Rolex SA announced plans to begin certifying pre-owned watches in late 2022, marking a major shift in policy for the luxury giant and making waves in the lucrative secondhand watch market.  

The company certifies secondhand watches that are at least three years old, and they are available for sale only through official Rolex retailers.  
 
The program launched at Bucherer boutiques in Europe and the United Kingdom before coming to Tourneau/Bucherer stores in the U.S. this spring. 

Watches of Switzerland said its clients have “react[ed] positively to the authenticity and guarantee of quality that the Certified Pre-Owned seal represents.”  
 
It is on track to launch the program at its U.K. stores in September.  
 
Also during Q1 in the U.S, Watches of Switzerland opened a new multi-brand store at the American Dream mall in New Jersey while a renovated and expanded Mayors store reopened in Dadeland, Florida. 
 
The company also opened TAG Heuer and Grand Seiko stores in Topanga, California.  
 
 Related stories will be right here … 
 
Globally, Watches of Switzerland’s first-quarter sales were down 1 percent to £382 million ($484.7 million), which was in line with company expectations. 
 
Luxury jewelry sales (down 15 percent) dropped more than luxury watch sales (down 2 percent), reflecting in part the overall slowdown in jewelry sales.   
 
E-commerce sales slipped 2 percent.  
 
Looking to the year ahead, Watches of Switzerland said it is not changing its guidance for the year; it still expects sales to reach £1.65 billion to £1.70 billion ($2.09 billion to $2.15 billion), with year-over-year growth of 8-11 percent at constant exchange rates.  
 
Despite the bullish outlook, the retailer said it doesn’t expect consumer confidence to improve in the back half of the year. It bases its guidance on how much supply it anticipates getting from key brands, as well as store openings, closures and renovations.  
 
In FY 2024, Watches of Switzerland plans to open 20 stores dedicated to single brands in the U.S., U.K., and Europe. It also plans to expand a number of mono-brand stores, including the Rolex boutique at The Mall at Millenia in Orlando, Florida, this fall.  
 
In addition, the retailer expects to open a multi-brand showroom at One Vanderbilt in New York early next year.  
 
Commenting on the quarterly results, CEO Brian Duffy said, “We expect to return to more normalized growth rates in the balance of the financial year.  
 
“Our full year guidance for another year of strong growth remains unchanged, underpinned by our supply visibility, client Registration of Interest lists (for in-demand watches) and strong pipeline of showroom openings, refurbishment and investment, as luxury watch demand continues to outstrip supply.” 
 

The Latest

Lewis Heyman
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement Plans

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

CCWW Designs Multiple Shell Charm Necklace
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm Necklace

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The Plumb Club board members
MajorsJul 18, 2025
Plumb Club Elects New Board Members

The organization elected its youngest vice president as it looks to draw in fresh talent.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Jewelry industry veterans Brad Campbell and John Liebler
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

Weekly QuizJul 17, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Silver, Gold, and Bronze Medals for Italy Olympic Winter Games
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes Unity

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

vimeo screenshot.png
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up!

Sponsored by The INSTORE Jewelry Show 2025

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Guinness
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGov

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

Gina Ferranti
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59

The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.

Rio Tinto Chief Executive Simon Trott
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at Diavik

Production at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.

Jewelers of America Learning Workship Logo
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This Fall

A new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.

Gold bracelets and bangles
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers List

The middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.

Rolex Datejust ref. 16233
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches

The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.

Jean Dinh Van Orgue Ring
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With Exhibition

The auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.

Jake Duneier and Danielle Duneier
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth Generation

Jake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.

Boucheron Impermanence Boucheron Dragonfly Earrings and Wisteria Hair Piece
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s Impermanence

The “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.

James Avery Cedar Park
MajorsJul 15, 2025
James Avery Expands to 2 More States

The Texas-based jewelry retailer has set up shop in Tennessee and Arizona.

Eric Ford, Couture’s new brand director and former fine jewelry buyer at Neiman Marcus
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director

Eric Ford will step into the role, bringing with him decades of experience.

Bench jeweler holding a ring and a tool
MajorsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic Manufacturing

In addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.

Guzema Celestial Blue
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone Jewelry

The “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.

Nanis Mykonos Store Exterior and Interior
MajorsJul 14, 2025
Nanis Opens First Store

The seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.

Long’s Jewelers Summer of Love promo
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s Jewelers

The New England jeweler is hosting a bridal event for the month of August.

Ethical Gem Fair
SourcingJul 14, 2025
Ethical Gem Fair Heads to Seattle

The trade-only event will host its debut fair in the Emerald City later this month.

The Edge and The Edge Retail Academy Logos
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in September

Its sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.

Miseno Arco Earrings
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ Earrings

For its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.

James Avery Texas charm
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief Efforts

The jewelry company is one of several contributing to relief efforts in the region after the recent floods.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy