FinancialsMay 07, 2025
Pandora Posts Strong Q1, Plans for TariffsFinancialsMay 22, 2025
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.
More on Financials
The Latest
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the SpotlightSponsored by GCAL by Sarine
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO ShowDavid Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 YearsThe family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce JudgesThe nonprofit elected five judges who will decide the winners of its design competition.
Weekly QuizMay 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s GuideThis year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ CollectionThe jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
ColumnistsMay 21, 2025
Edahn’s Take: Analyzing the 2025 ‘$100 Million Supersellers’ List In a special column for the State of the Majors, Edahn Golan breaks down what the top-performing fine jewelry sellers are doing right.
MajorsMay 21, 2025
Beyoncé Dons Brilliant Earth Necklace During Cowboy Carter TourThe bolo tie necklace is inspired by “Queen Bey” and set with a nearly 15-carat black diamond.
SourcingMay 21, 2025
Gem Legacy Expands Advisory CouncilThe nonprofit focused on mining communities in East Africa has added three new members to its advisory council.
MajorsMay 20, 2025
Annie Doresca to Lead DCA as New CEO, PresidentCurrent Diamond Council of America President and CEO Terry Chandler is set to retire in January 2026.
ColumnistsMay 20, 2025
Peter Smith: Leading Through ChangeCommunicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.
IndependentsMay 20, 2025
Luis Morais Opens Flagship, Launches Collection Celebrating 25 YearsThe “Inner Journey” collection debuted as the brand celebrated its 25th anniversary, with designs inspired by Morais’ journey.
MajorsMay 20, 2025
Tanishq Opens Seventh U.S. StoreTanishq is expanding its presence in the United States with a new store in Santa Clara, California, which is its largest in the country.
Events & AwardsMay 19, 2025
NAJA Opens Scholarship Applications for 2025Two scholarships are available, one for new and non-members and another for NAJA certified members.
IndependentsMay 19, 2025
Day’s Jewelers to Open Ninth LocationThe retailer’s new flagship is set to open in October at the Tuscan Village development in Salem, New Hampshire.
SourcingMay 19, 2025
State of Colored Stones: The Big Three in the Modern WorldSapphires, emeralds, and rubies are finding their place in a U.S. market captivated by the gemstones once referred to as “semi-precious.”
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online StorefrontPlus, parent company Saks Global announces plans to cut ties with up to 600 vendors.
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not DeadPeter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque NecklaceThe necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’sA private American collector purchased the 10-carat fancy vivid blue diamond.
CollectionsMay 15, 2025
Jessica McCormack’s ‘Fruit Salad’ Collection Is Fresh for SummerThe designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.
SourcingMay 15, 2025
Tariffs Take Toll on India’s Gem and Jewelry Industry in April The country’s gem and jewelry exports fell 5 percent year-over-year last month, while imports declined 18 percent.
Policies & IssuesMay 15, 2025
State of Retail: How to Better Serve Customers With DisabilitiesAround 54 million Americans and counting live with a disability. Here’s how to make your jewelry store and website more accessible.
Events & AwardsMay 15, 2025
Poet Sekou Andrews to Give Closing Keynote at ConvergeThe event is also accepting poster submissions now through June 16.
