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
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.
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.
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.
Weekly QuizJun 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough RubyThe gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.
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.
TechnologyJun 18, 2025
Alex Brown Named President of Smithee GroupFounder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry SaleThe top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JAGizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEOLuca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las VegasFollowing visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ CouplesThe “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand AmbassadorThe New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias GabrielThe foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins BonhamsAssimon is the auction house’s new chief commercial officer.
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and TariffsThe De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American FlagshipThe Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.
GradingJun 11, 2025
Tiffany Stevens Exits IGI, Lab Appoints New Board LeaderIndustry veteran Anoop Mehta is the new chairman and independent director of the IGI board.
