FinancialsNov 05, 2025
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Watches of Switzerland’s H1 Sales Up 8%
The retailer also shared an update on the impact of tariffs on watch customers.
Watches of Switzerland’s store in the Mall of America in Bloomington, Minnesota. The retailer reported 8 percent revenue growth year-over-year in a recent trading update.
London—Watches of Switzerland Group posted strong first-half sales with the U.S. market as its standout performer.
The retailer, which shared its preliminary first-half results on Thursday, has a network of stores across the United States and the United Kingdom.
It operates 196 stores, including 84 monobrand boutiques in partnership with watch and jewelry brands like Rolex, Omega, TAG Heuer, Breitling, Roberto Coin, Bulgari, and Fope.
Watches of Switzerland’s portfolio also includes Mayors, Betteridge, Analog:Shift, and Hodinkee, as well as Mappin & Webb and Goldsmiths in the U.K with a presence in Heathrow Airport.
For the first half of the fiscal year ending Oct. 26, Watches of Switzerland’s global revenue totaled £845 million ($1.11 billion), up 8 year-over-year (10 percent at constant currency rates).
CEO Brian Duffy attributed the strong results to the strength of its business model, a disciplined execution of its strategy, and improved market trends.
Demand for luxury watches is strong, said the company, and continues to exceed supply.
Luxury watch revenue totaled £708 million ($930 million), up 8 year-over-year (10 percent at constant currency rates).
The certified pre-owned segment also performed well, including Rolex Certified Pre-Owned watches.
Jewelry sales totaled £102 million ($134 million), up 6 year-over-year (10 percent at constant currency rates).
Jewelry now accounts for 12 percent of the company’s total revenue.
Luxury branded jewelry is outperforming non-branded jewelry, with Watches of Switzerland noting that in the U.S., Roberto Coin wholesale sales were up 12 percent (16 percent at constant currency rates).
Roberto Coin’s sales via Mayors more than doubled year-over-year after branded shop-in-shop displays were installed. There is an opportunity to roll the concept out to other wholesale partners, Watches of Switzerland said.
Watches of Switzerland’s e-commerce sales rose by double digits, up 16 percent year-over-year.
The U.S. market was especially strong, with first-half revenue up 15 percent (20 percent at constant currency rates) to £409 million ($537.2 million).
“Investments in our teams, showrooms, and digital offer are driving growth, while Roberto Coin is delivering excellent results as we implement our growth acceleration strategy in the first full year of ownership,” Duffy said.
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.
In the U.K., Watches of Switzerland’s revenue was up 2 percent year-over-year despite a “challenging” retail environment. Notably, the company has been closing stores in the market.
It has completed its exit from the European market.
In its trading update, Watches of Switzerland mentioned tariffs, specifically the 39 percent tax on imports from Switzerland that President Donald Trump announced on July 31.
It said, “We understand negotiations between governments are still taking place. We are closely monitoring tariff developments and brand responses. To date, we have not seen any significant change to consumer behavior.”
Related stories will be right here …
The retailer, which shared its preliminary first-half results on Thursday, has a network of stores across the United States and the United Kingdom.
It operates 196 stores, including 84 monobrand boutiques in partnership with watch and jewelry brands like Rolex, Omega, TAG Heuer, Breitling, Roberto Coin, Bulgari, and Fope.
Watches of Switzerland’s portfolio also includes Mayors, Betteridge, Analog:Shift, and Hodinkee, as well as Mappin & Webb and Goldsmiths in the U.K with a presence in Heathrow Airport.
For the first half of the fiscal year ending Oct. 26, Watches of Switzerland’s global revenue totaled £845 million ($1.11 billion), up 8 year-over-year (10 percent at constant currency rates).
CEO Brian Duffy attributed the strong results to the strength of its business model, a disciplined execution of its strategy, and improved market trends.
Demand for luxury watches is strong, said the company, and continues to exceed supply.
Luxury watch revenue totaled £708 million ($930 million), up 8 year-over-year (10 percent at constant currency rates).
The certified pre-owned segment also performed well, including Rolex Certified Pre-Owned watches.
Jewelry sales totaled £102 million ($134 million), up 6 year-over-year (10 percent at constant currency rates).
Jewelry now accounts for 12 percent of the company’s total revenue.
Luxury branded jewelry is outperforming non-branded jewelry, with Watches of Switzerland noting that in the U.S., Roberto Coin wholesale sales were up 12 percent (16 percent at constant currency rates).
Roberto Coin’s sales via Mayors more than doubled year-over-year after branded shop-in-shop displays were installed. There is an opportunity to roll the concept out to other wholesale partners, Watches of Switzerland said.
Watches of Switzerland’s e-commerce sales rose by double digits, up 16 percent year-over-year.
The U.S. market was especially strong, with first-half revenue up 15 percent (20 percent at constant currency rates) to £409 million ($537.2 million).
“Investments in our teams, showrooms, and digital offer are driving growth, while Roberto Coin is delivering excellent results as we implement our growth acceleration strategy in the first full year of ownership,” Duffy said.
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.
In the U.K., Watches of Switzerland’s revenue was up 2 percent year-over-year despite a “challenging” retail environment. Notably, the company has been closing stores in the market.
It has completed its exit from the European market.
In its trading update, Watches of Switzerland mentioned tariffs, specifically the 39 percent tax on imports from Switzerland that President Donald Trump announced on July 31.
It said, “We understand negotiations between governments are still taking place. We are closely monitoring tariff developments and brand responses. To date, we have not seen any significant change to consumer behavior.”
Watches of Switzerland said it completed a number of projects in the first half, including a new Audemars Piguet House in Manchester, England, which it is operating as a joint venture, as well as some relocations and refurbishments of existing locations.
There are more projects underway in the second half of the year, including a new Watches of Switzerland store in Minneapolis, which opened on Oct. 31.
Three new Roberto Coin monobrand boutiques are expected to open in New York and Las Vegas in the third quarter.
Looking to the year ahead, the company is reiterating its fiscal year guidance of 6 to 10 percent constant currency revenue growth, as announced in July.
It is sticking by its forecast in spite of the “uncertain economic and geopolitical backdrop,” noting its strong momentum in the first half of the year.
The retailer is well-positioned for the holiday season, said Duffy, and is confident it can deliver another year of sales growth.
Watches of Switzerland plans to announce its final first-half results on Dec. 4.
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