MajorsJul 01, 2021
Watches of Switzerland’s New Campaign Takes Viewers EverywhereFinancialsJul 09, 2021
Watches of Switzerland’s Sales Soar as Retailer Expands Into EU
Luxury watch sales were particularly strong for the retailer, with CEO Brian Duffy noting customers have “accumulated disposable wealth.”
The MB&F “HM10 Bulldog” ($108,000), one of the timepieces featured in Watches of Switzerland’s new marketing campaign. The retailer had a strong fiscal year, driven in part by sales of high-end watches.
London—Watches of Switzerland’s fiscal year 2021 sales soared as the retailer made up for COVID-19-induced store closures by ramping up its clienteling efforts and its virtual offerings.
U.K.-based Watches of Switzerland Group PLC reported Thursday that revenue for FY21 (ended May 2) reached £905.1 million ($1.25 billion), up 12 percent (13 percent at constant exchange rates) compared to FY20 and up 18 percent at constant exchange rates compared with FY19.
Luxury watches in particular were a strong category for the retailer, with sales growing 16 percent and accounting for 87 percent of total revenue. That’s an increase from 84 percent in fiscal year 2020.
CEO Brian Duffy noted the luxury side of the watch business remains predominately supply driven, with consumers snatching up popular brands and models faster than the watch companies can make them.
In the United States, Watches of Switzerland’s revenue grew 39 percent at constant exchange rates versus FY20 and was up 65 percent when compared with fiscal year 2019.
The company said high conversion rates offset lower foot traffic in stores, and it’s having success with the just-refurbished Mayors stores, particularly in sales of higher-end jewelry.
Watches of Switzerland also acquired U.S.-based e-tailer Analog Shift to fortify its position in the vintage and pre-owned markets.
Watches of Switzerland entered the U.S. market in 2017. It currently has 30 stores here, including the Mayors stores, which it acquired from Birks in 2017. It had 22 stores at the end of the prior fiscal year.
The company plans to open new multi-brand stores at the American Dream Mall in New Jersey and in Cincinnati.
Related stories will be right here …
U.K.-based Watches of Switzerland Group PLC reported Thursday that revenue for FY21 (ended May 2) reached £905.1 million ($1.25 billion), up 12 percent (13 percent at constant exchange rates) compared to FY20 and up 18 percent at constant exchange rates compared with FY19.
Luxury watches in particular were a strong category for the retailer, with sales growing 16 percent and accounting for 87 percent of total revenue. That’s an increase from 84 percent in fiscal year 2020.
CEO Brian Duffy noted the luxury side of the watch business remains predominately supply driven, with consumers snatching up popular brands and models faster than the watch companies can make them.
In the United States, Watches of Switzerland’s revenue grew 39 percent at constant exchange rates versus FY20 and was up 65 percent when compared with fiscal year 2019.
The company said high conversion rates offset lower foot traffic in stores, and it’s having success with the just-refurbished Mayors stores, particularly in sales of higher-end jewelry.
Watches of Switzerland also acquired U.S.-based e-tailer Analog Shift to fortify its position in the vintage and pre-owned markets.
Watches of Switzerland entered the U.S. market in 2017. It currently has 30 stores here, including the Mayors stores, which it acquired from Birks in 2017. It had 22 stores at the end of the prior fiscal year.
The company plans to open new multi-brand stores at the American Dream Mall in New Jersey and in Cincinnati.
Also on Thursday, Watches of Switzerland, which currently has stores in both the U.S. and U.K., announced plans to expand into Europe.
The company said the EU market is “under-invested” and “under-potentialized.”
It will enter the market through acquisitions and the opening of mono-brand boutiques, with the plan of the EU accounting for between 5 and 8 percent of group revenue by fiscal year 2026.
Looking ahead to FY2022, Watches of Switzerland said it expects revenue to grow between 16 and 21 percent, a forecast contingent on there being no more lockdowns in the U.S. or U.K. that impact its stores, or lockdowns in Switzerland that impact its supply.
CEO Duffy said sales have remained strong since the fiscal year-end.
“Our customer has accumulated disposable wealth, and our category is an attractive option,” he said.
“Our growth projections reflect our best estimate of future supply based on our past experience of
investment and expansion.”
More on Financials
The Latest
GradingMar 06, 2026
Tom Moses Leaving GIA After Nearly 50 YearsMoses, who started at GIA’s Santa Monica lab in 1976, will leave the Gemological Institute of America in May.
Lab-GrownMar 06, 2026
Charles & Colvard Files for Bankruptcy, Citing Price PressuresIncreased competition, falling lab-grown diamond and moissanite prices, and the rising cost of gold took a toll on the moissanite maker.
CollectionsMar 06, 2026
Zome’s ‘Solara’ Earrings Embody Celestial BeautyThe earrings, our Piece of the Week, feature pink tourmalines as planets orbiting around an aquamarine center set in 18-karat rose gold.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
MajorsMar 06, 2026
Pomellato’s 2026 IWD Campaign Spotlights Economic Abuse“The Price of Freedom” campaign video for International Women’s Day confronts the quiet violence of financial control.
Weekly QuizMar 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesMar 05, 2026
Tariffs to Increase to 15% This Week, Treasury Secretary Says Also, a federal judge has ordered that companies that paid tariffs implemented under the IEEPA are entitled to refunds.
CollectionsMar 05, 2026
Common Era Honors ‘Difficult Women’ in CollectionThe ever-growing collection, which just expanded with the addition of Olga of Kyiv, features cameos of 12 women from history.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
TrendsMar 05, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
Events & AwardsMar 05, 2026
AGS Announces Conclave 2026 Speaker LineupThe annual event will be held in Orlando, Florida, from Sept. 14-17.
TrendsMar 05, 2026
Caitríona Balfe Fronts Only Natural Diamonds CoverThe “Outlander” star modeled for the digital cover of the magazine’s spring issue, which features a story on her relationship with jewelry.
MajorsMar 05, 2026
Registration Opens for CIBJO Centenary CongressThis year’s annual congress, which will mark the confederation’s 100th anniversary, will take place this fall in Italy.
MajorsMar 04, 2026
Michael M Opens First StoreBeverly Hills was chosen as the location for the brand’s first store, designed as a “private residence for modern monarchs.”
Policies & IssuesMar 04, 2026
Luxury Brands Temporarily Shutter Middle East StoresKering, Apple, and other retailers have reportedly temporarily closed stores in the Middle East region in light of the recent conflicts.
EditorsMar 04, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
Events & AwardsMar 04, 2026
JIS Miami Spring Show to Feature New Gifts Pavilion, Pop-Up Trends TalksNearly half of buyers are prioritizing silver and fashion collections this season, organizers said.
TrendsMar 04, 2026
Spinelli Kilcollin Rides Free In Year of the Horse CampaignThe “Live Now. Polish Later.” campaign features equestrians wearing the brand’s jewels while galloping across the icy plains of Kazakhstan.
MajorsMar 04, 2026
LeachGarner Names New Brand DirectorThe precious metals provider has promoted Jennifer Ashworth to the role.
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
SourcingMar 03, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
SurveysMar 02, 2026
Consumer Confidence Edges Up in FebruaryConsumers were somewhat less worried about the future, though concerns about rising prices and politics remained.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
Events & AwardsMar 02, 2026
JFC Names 2026 ‘Facets’ Honorees Sponsorships and tickets to the annual fundraising event, set for May 31, are available now.
