FinancialsDec 05, 2024
Signet Jewelers’ Q3 Sales Slide Amid Slow Engagement Ring Sales, Tech IssuesFinancialsDec 06, 2024
Roberto Coin Acquisition Gives Watches of Switzerland a Boost in H1
The retailer’s jewelry sales doubled, with branded jewelry performing especially well.
Watches of Switzerland Group saw sales increase 3 percent year-over-year in the first half of the fiscal year, with the recently acquired Roberto Coin bolstering the company’s jewelry sales.
London—Watches of Switzerland Group posted sales growth in the first half of the year, citing strong demand in the U.S. and U.K. and its acquisition of Roberto Coin as the driving factors.
For the first half of the fiscal year, ending Oct. 27, the retailer reported £785 million ($1 billion) in total revenue, up 3 percent year-over-year (4 percent at constant currency rates).
In the U.S., revenue climbed 8 percent (11 percent at constant currency rates), totaling £355 million ($425.9 million).
Revenue in the U.K. and Europe fell 1 percent year-over-year to £430 million ($548.6 million).
Revenue from sales of luxury watches fell 3 percent in the first half (2 percent at constant currency rates).
“In Q1, we increased showroom stock levels of key brands to enhance displays and client experience, particularly in the U.S.,” said CEO Brian Duffy.
After the stock rebuild, Watches of Switzerland’s U.S. revenue shot up 24 percent in Q2 and U.K. revenue turned positive.
“Price increases from brands in the half have been modest, and this has also positively influenced consumer sentiment,” he said.
Demand for its key watch brands remained strong, it said, and certified pre-owned and vintage watches also are selling.
Rolex Certified Pre-Owned is now its second-biggest luxury watch brand, the company said.
Luxury watches represent 83 percent of Watches of Switzerland’s total revenue, down slightly following the company’s acquisition of jewelry brand Roberto Coin.
Related stories will be right here …
For the first half of the fiscal year, ending Oct. 27, the retailer reported £785 million ($1 billion) in total revenue, up 3 percent year-over-year (4 percent at constant currency rates).
In the U.S., revenue climbed 8 percent (11 percent at constant currency rates), totaling £355 million ($425.9 million).
Revenue in the U.K. and Europe fell 1 percent year-over-year to £430 million ($548.6 million).
Revenue from sales of luxury watches fell 3 percent in the first half (2 percent at constant currency rates).
“In Q1, we increased showroom stock levels of key brands to enhance displays and client experience, particularly in the U.S.,” said CEO Brian Duffy.
After the stock rebuild, Watches of Switzerland’s U.S. revenue shot up 24 percent in Q2 and U.K. revenue turned positive.
“Price increases from brands in the half have been modest, and this has also positively influenced consumer sentiment,” he said.
Demand for its key watch brands remained strong, it said, and certified pre-owned and vintage watches also are selling.
Rolex Certified Pre-Owned is now its second-biggest luxury watch brand, the company said.
Luxury watches represent 83 percent of Watches of Switzerland’s total revenue, down slightly following the company’s acquisition of jewelry brand Roberto Coin.
Watches of Switzerland acquired the North American arm of Roberto Coin in a $130 million deal in May, making it the brand’s exclusive distributor in the United States, Canada, Central America, and the Caribbean.
Following the acquisition, the retailer’s jewelry sales more than doubled in the first half, up 103 percent (up 104 percent at constant currency rates).
Roberto Coin posted £51 million ($65 million) in revenue in the first half.
“Our newly acquired Roberto Coin business in North America has traded strongly since acquisition and is now making a good contribution to our group. Integration is progressing well, and growth plans are underway,” said Duffy.
The company said it has received positive feedback from its retail partners as it integrates Roberto Coin, noting encouraging sell-in and sell-out data.
It’s exploring new mono-brand boutiques in the U.S. and shop-in-shops for retail partners. A website upgrade also is in progress.
Excluding Roberto Coin, luxury jewelry revenue was down 6 percent overall, though the U.K. market saw a 4 percent increase.
The company hosted exclusive jewelry launches in the U.K. for David Yurman and Repossi.
In the U.S., jewelry revenue was impacted by “the squeeze on the commodity bridal category and prior- year clearance activity,” said the company.
Branded jewelry “significantly” outperformed non-branded jewelry, Watches of Switzerland said, posting double-digit growth in retail and online.
Watches of Switzerland also highlighted its recent acquisition of Hodinkee, saying the integration of the editorial platform for watches is in line with its expectations.
It’s upgrading its U.S. website and will have a link in place to drive Hodinkee traffic to the Watches of Switzerland U.S. website.
Looking to the year ahead, the retailer reiterated guidance of £1.67 billion to £1.73 billion ($2.13 billion to $2.21 billion), with sales growth of 9 to 12 percent at constant currency rates.
“We are well positioned for a good holiday trading period, having made an encouraging start in November,” said Watches of Switzerland.
More on Financials
The Latest
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
