FinancialsMay 07, 2025
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Watches of Switzerland’s Full-Year U.S. Sales Climb 14%
The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.
Watches of Switzerland’s store in the Mall of America in Bloomington, Minnesota. The retailer reported 8 percent revenue growth year-over-year in its recent preliminary fiscal year results.
London—Watches of Switzerland Group ended its fiscal year on a high note, with U.S. revenue climbing double digits year-over-year.
Watches of Switzerland Group operates its eponymous stores, monobrand watch boutiques, and jewelry stores across the U.S., U.K., and Europe.
The retailer, which reported its preliminary results on May 15, echoed what luxury conglomerate Richemont said last week—sales were stronger in the second half of the year.
For the fiscal year ending April 27, Watches of Switzerland’s global revenue totaled £1.65 billion ($2.22 billion), up 7 year-over-year (8 percent at constant currency rates).
In the U.S., full-year revenue was up 14 percent (16 percent at constant currency rates) to £786 million ($1.06 billion).
In Q1 of fiscal 2025, the company said it increased showroom stock levels of its key brands to bolster its displays and client experience, particularly in the U.S.
Watches of Switzerland also shared an update on the tariffs situation.
“In the U.S., following a temporary period of consumer uncertainty in response to the initial tariff announcement, we have seen a return to normalized trading patterns in April,” the company said.
“We are cognizant that the U.S. tariff situation is currently unresolved, making it more difficult to predict future U.S. trading patterns”
Demand for its luxury brands remains strong, it said, outpacing supply in both the U.S. and U.K. markets.
It noted a positive consumer response to the new watches introduced following the Watches and Wonders show in Geneva.
Watches of Switzerland said pre-owned watches have performed well in the U.S. and the U.K. while Roberto Coin was a standout among its jewelry brands.
In May 2024, the company announced its $130 million acquisition of the North American arm of Roberto Coin, making it the brand’s exclusive distributor in the U.S., Canada, Central America, and the Caribbean.
“The U.S. luxury jewelry market is the largest in the world and growing strongly,” the retailer said.
“We will continue to build on the momentum we have seen in Roberto Coin Inc., with several exciting growth initiatives, including the launch of a major marketing campaign, secured locations for three mono-brand boutiques, and our e-commerce website upgrade.”
The retailer also acquired Hodinkee last year.
The integration of both companies has been going well, Watches of Switzerland said, adding that it is working on incremental growth plans for both.
Related stories will be right here …
Watches of Switzerland Group operates its eponymous stores, monobrand watch boutiques, and jewelry stores across the U.S., U.K., and Europe.
The retailer, which reported its preliminary results on May 15, echoed what luxury conglomerate Richemont said last week—sales were stronger in the second half of the year.
For the fiscal year ending April 27, Watches of Switzerland’s global revenue totaled £1.65 billion ($2.22 billion), up 7 year-over-year (8 percent at constant currency rates).
In the U.S., full-year revenue was up 14 percent (16 percent at constant currency rates) to £786 million ($1.06 billion).
In Q1 of fiscal 2025, the company said it increased showroom stock levels of its key brands to bolster its displays and client experience, particularly in the U.S.
Watches of Switzerland also shared an update on the tariffs situation.
“In the U.S., following a temporary period of consumer uncertainty in response to the initial tariff announcement, we have seen a return to normalized trading patterns in April,” the company said.
“We are cognizant that the U.S. tariff situation is currently unresolved, making it more difficult to predict future U.S. trading patterns”
Demand for its luxury brands remains strong, it said, outpacing supply in both the U.S. and U.K. markets.
It noted a positive consumer response to the new watches introduced following the Watches and Wonders show in Geneva.
Watches of Switzerland said pre-owned watches have performed well in the U.S. and the U.K. while Roberto Coin was a standout among its jewelry brands.
In May 2024, the company announced its $130 million acquisition of the North American arm of Roberto Coin, making it the brand’s exclusive distributor in the U.S., Canada, Central America, and the Caribbean.
“The U.S. luxury jewelry market is the largest in the world and growing strongly,” the retailer said.
“We will continue to build on the momentum we have seen in Roberto Coin Inc., with several exciting growth initiatives, including the launch of a major marketing campaign, secured locations for three mono-brand boutiques, and our e-commerce website upgrade.”
The retailer also acquired Hodinkee last year.
The integration of both companies has been going well, Watches of Switzerland said, adding that it is working on incremental growth plans for both.
The retailer said it completed a number of projects this fiscal year, including several Rolex projects in the U.S., with a few more in the works.
“A highlight for our group in H2 FY25 was the opening of the new flagship Rolex boutique on Old Bond Street, London, in which we were able to bring our retailing excellence and operational strength to bear. Trading since launch has exceeded our expectations,” CEO Brian Duffy said.
The company brought Rolex to its relocated Watches of Switzerland store in Plano, Texas, and refurbished its Mayors showroom in Jacksonville, Florida.
It also converted a former Mayors store in Atlanta into a 3,000-square-foot Rolex boutique.
Watches of Switzerland Group has owned Mayors since 2017 and in 2021, it scooped up a number of independents as it expanded in the U.S. market, including Betteridge.
It recently opened a new Patek Philippe room in Betteridge’s Greenwich, Connecticut, store and expanded the Betteridge location in Vail, Colorado.
As of April 27, Watches of Switzerland had 208 locations across the U.K., U.S., and Europe, including 94 mono-brand boutiques with Rolex, Omega, TAG Heuer, Breitling, Tudor, Grand Seiko, Hublot, Bulgari, and Fope, as well as its e-commerce presence and locations in Heathrow Airport.
It is looking to the fiscal year ahead with a cautious sense of confidence.
“As we enter FY26, although we are mindful of the uncertain macroeconomic backdrop, including potential U.S. tariff changes, we remain confident in the strong fundamentals of the luxury watch category and our differentiated business model in the underdeveloped U.S. market,” the company said.
Watches of Switzerland plans to announce its full-year results on July 3.
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