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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.
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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.
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