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.”

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.”
The Latest

Discover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.

The “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.

The entrepreneur and “Shark Tank” star will share his top tips for success.

When investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.

Two existing executives have been given new roles.


Meredith Tiderington, an electrical engineering student, was selected for the award.

It will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”

More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.

From design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.

The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.

Her new role is director of strategic initiatives.

The designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.

The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.

The actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.

The company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."

The large stone will be offered at its June sale along with a selection of secondary-type rubies from a new area of the Montepuez mine.

Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.

Those born in June have a myriad of options for their birthstone jewelry.

The diamond industry veteran has been named its senior sales executive.

Between tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.

Designed by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.

However, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.

The pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.

Sponsored by Stuller

It was featured in the miner’s latest sale, which brought in $24.8 million.

GemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.

The 3,300-square foot location is the jeweler's largest store in North America.