FinancialsAug 10, 2023
Brilliant Earth Sees Slight Increase in Q2 SalesFinancialsAug 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 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.
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.”
More on Financials
The Latest
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
IndependentsJun 26, 2025
Penny Ruston Dies at 80 The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired JewelsThe “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.
Weekly QuizJun 26, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 EventThe event is set for May 16-19 in Detroit, Michigan.
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight ContinuesThe Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef JewelryAgents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus PerformersThe designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund RecipientsThe trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for EntriesThe organization has also announced this year’s slate of judges.
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local RetailerLori Tucker started at Williams Jewelers when she was 18 years old.
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry CollectionThe “XO Tacori” collection was designed to blend luxury and accessible pricing.
GradingJun 23, 2025
GIA Names New President and CEO Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural DiamondsSignatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry DesignersThe winning designs captured the “Radiance” theme.
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement RingThe singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ BraceletThe bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56KThe historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.
