FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment FinancialsNov 07, 2025
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.
More on Financials
The Latest
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
Weekly QuizDec 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 04, 2025
Step Inside JR Dunn Jewelers’ Giant New Store The Florida independent expanded its store from 8,000 to 14,000 square feet, fulfilling the vision of its late co-founder, Jim Dunn.
Supplier BulletinDec 04, 2025
Introducing Shop Natural Day: A New Movement Celebrating Natural DiamondsSponsored by De Beers Group
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
WatchesDec 04, 2025
Casio Shrinks its G-Shock WatchThe classic 5600 series G-Shock has been scaled down to about a tenth of its size, becoming a fully functioning watch ring.
Events & AwardsDec 04, 2025
AGA Announces 2026 Tucson Speaker LineupThe association’s annual conference and gala will take place Feb. 4, 2026, during the Tucson gem shows.
Events & AwardsDec 04, 2025
CBG Announces Speaker Lineup for 2026 Miami Event The January show will include a workshop for jewelry retailers on implementing AI to strengthen their businesses.
TrendsDec 03, 2025
Miley Cyrus Debuts Edgy Engagement RingFellow musician Maxx Morando proposed to the star with a chunky, cushion-cut diamond ring designed by Jacquie Aiche.
Policies & IssuesDec 03, 2025
Costco Joins Growing Wave of Retailers Suing for Tariff Refunds The retailer, which sells billions in fine jewelry and watches, is suing the Trump administration and U.S. Customs and Border Patrol.
SurveysDec 03, 2025
A Record 202.9M Shoppers Turned Out Thanksgiving WeekendBlack Friday is still the most popular shopping day over the five-day holiday weekend, as per the National Retail Federation’s survey.
AuctionsDec 03, 2025
Fabergé’s 'The Winter Egg' Achieves Record $30MThe historic egg, crafted for Russia's ruling family prior to the revolution, was the star of Christie’s recent auction of works by Fabergé.
CollectionsDec 02, 2025
Briony Raymond Introduces First FragranceThe eau de parfum is held in a fluted glass bottle that mirrors the decor of the brand’s atelier, and its cap is a nod to its “Sloan” ring.
SourcingDec 02, 2025
Petra Diamonds Elevates Interim CEOs to Permanent StatusVivek Gadodia and Juan Kemp, who’ve been serving as interim co-CEOs since February, will continue to lead the diamond mining company.
MajorsDec 02, 2025
Lee Krombholz Takes Over as Chair of MJSA Education FoundationIn addition, a slate of new officers and trustees were appointed to the board.
IndependentsDec 02, 2025
RJO Welcomes Its 1,200th Retail MemberWitt’s Jewelry in Wayne, Nebraska, is the organization’s new milestone member.
SourcingDec 02, 2025
Brendan Laurs Honored With 2025 Bonanno AwardLaurs is the editor-in-chief of Gem-A’s The Journal of Gemmology and an expert on the formation of colored gemstone deposits.
CrimeDec 01, 2025
Fourth Man Charged in Louvre Jewelry HeistThe man, who has a criminal history, is suspected of being the fourth member of the four-man crew that carried out the heist.
AuctionsDec 01, 2025
Christie’s Presents ‘Splendor & Style’ CollectionThe single-owner collection includes one of the largest offerings of Verdura jewels ever to appear at auction, said Christie’s.
IndependentsDec 01, 2025
Lustig Jewelers’ New Owner Is a Fellow Chicago JewelerMichael Helfer has taken the reins, bringing together two historic Chicago jewelry names.
MajorsDec 01, 2025
PGI Debuts Platinum-Filled Holiday Gift GuideThe guide features all-new platinum designs for the holiday season by brands like Harwell Godfrey, Ritani, and Suna.
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
