Watches of Switzerland Slashes Guidance
The company pointed to a “volatile” holiday season and a challenging macroeconomic environment.
The retailer said it had a positive start to the third quarter of its fiscal year, which includes the months of November and December, but had “a volatile trading performance” before Christmas and beyond.
The company said it expects the challenging conditions to continue throughout the end of its fiscal year.
Watches of Switzerland’s full-year revenue is now expected to range between £1.53 billion to £1.55 billion ($1.94 billion to $1.97 billion), down from its prior guidance of £1.65 billion to £1.7 billion ($2.1 billion to $2.16 billion).
Constant currency revenue growth is forecast at 2 to 3 percent, down from 8 to 11 percent.
“The festive period was particularly volatile this year for the luxury sector, with consumers allocating spend to other categories such as fashion, beauty, hospitality and travel,” said CEO Brian Duffy.
“Whilst we are disappointed with this trend, we are encouraged by our market share gains in both the U.S. and U.K.”
In the United States, Watches of Switzerland’s sales continued to grow by double digits, though the U.K. market was “more challenged.”
Demand is still strong for its key brands, the company said, noting increases in its “Registration of Interest” lists, though it had to significantly mark down prices of its non-branded jewelry in order to move merchandise.
Watches of Switzerland will announce its third-quarter results on Feb. 8.
The Latest
The jeweler’s latest high jewelry collection looks into the Boucheron archives to create a “living encyclopedia of high jewelry.”
Olivier Kessler-Gay will take over the role on March 3.
It hit a four-month low in January due to concerns about the job market, though consumers remain bullish about the stock market.
The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
The jewelry designer and master metalsmith will present on the ancient Japanese metalworking technique at the Atlanta Jewelry Show in March.
The “Moments” social media campaign emphasizes the emotional ties between natural diamonds and life’s special milestones.
The versatile “As We Are” collection features 14 pieces with interlocking designs allowing for 27 different looks worn around the body.
A Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
Letsile Tebogo will help to promote natural diamonds and the good they have done for his country.
The showcase, in its second year, will feature more than 20 international brands at its curated event from Feb. 2-4.
“My Next Question” guests Sherry Smith and Edahn Golan share their 2025 forecasts, from sales and marketing to what retailers should stock.
The seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
LeVian is remembered for his leadership in the jewelry industry and for being a selfless and compassionate person.
Monishkumar Kirankumar Doshi Shah pleaded guilty to evading customs on more than $13.5 million of jewelry imported into the U.S.
Jemora Gemhouse’s inaugural auction, slated for March, will take place in Dubai and feature polished sapphires.
Quinn partnered with Gemfields to create “Crazy Love,” which features Zambian emeralds and Mozambican rubies across 10 pieces.
The catalog is 48 pages and features more than 100 styles.
The one-of-a-kind necklace was designed in celebration of the Chinese New Year, as 2025 is the Year of the Snake.
The gemstone show is slated to take place at the Scottish Rite Cathedral.
From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
The suspects are accused of planning to kidnap a Miami jeweler and rob him of his cryptocurrency.
Francis “Gosh” Eiseb, 58, was a senior protection officer for Namib Desert Diamonds, also known as Namdia, in Windhoek, Namibia.
The online diamond and jewelry marketplace has expanded, introducing a new platform dedicated to colored gemstone trading.
The second annual learning forum for retailers is slated for March 13 at City Winery in Pier 57 in New York City.
Roy Safit took over the role on Jan. 1.
Sherry Smith shares data on the year gone by, including the breakdown between natural and lab-grown diamond sales.
The company also is matching donations made to Jewelers of America and the Diamond Council of America’s Jewelers Relief Fund.