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.”
Editors' Picks
Sponsored by
More on Financials
The Latest
CollectionsAug 22, 2025
Piece of the Week: Retrouvaí’s ‘Diamond Vein Bond’ CollarThe one-of-a-kind collar represents the beauty of imperfection and the strength to rebuild.
MajorsAug 22, 2025
Kendra Scott Returns as CEO of Her Jewelry EmpireThree C-suite executives, including former CEO Tom Nolan, have resigned as part of what the company describes as a “transition.”
MajorsAug 21, 2025
Claire’s Finds Buyer, Could Save up to 950 StoresThe retailer, which recently filed Chapter 11, inked a deal to sell its North American business and intellectual property.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
MajorsAug 21, 2025
Target Names New CEO as Sales Continue to Lag Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.
Weekly QuizAug 22, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesAug 21, 2025
JA, IDMA Talk Tariffs With Execs in DC The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.
MajorsAug 21, 2025
Tiffany & Co. Pops Up at 2025 US OpenThe pop-up will display this year's Tiffany & Co. Singles Championship trophies along with a diamond-encrusted tennis racket and ball.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
IndependentsAug 20, 2025
Bellman’s Jewelers Opens Second Store After COO's TikTok Takes OffThe New Hampshire-based store has expanded to Boston, propelled by the success of Alex Bellman’s TikTok page, “The Truthful Jeweler.”
CrimeAug 20, 2025
Another CA Jewelry Store Rammed With Car, RobbedThe latest incident happened Monday at a store in Oakland, California, continuing a pattern JSA first warned about last month.
WatchesAug 20, 2025
Oris Launches Watch Benefiting NYC Harbor Oyster RestorationThe new aqua green New York Harbor Limited Edition II is the watchmaker’s second collaboration with the Billion Oyster Project.
Events & AwardsAug 20, 2025
Take the Jewelers for Children ‘Trinity of Purpose’ ChallengeParticipants who attend any three Rings of Strength events will be awarded a special medal.
SourcingAug 19, 2025
Dubai’s Jemora Group Buys Diamond Miner LucapaThe investment company, founded by Dev Shetty, has acquired the struggling miner and its assets, including the Lulo mine in Angola.
ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry RetailSmith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ EarringsThe counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally RecognizedThe MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.
WatchesAug 19, 2025
Casio America Names New Timepiece Division ManagerCasio executive and watch enthusiast Masaki Obu is the new general manager of its U.S. timepiece division.
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on PointOriginally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the YearAllison-Kaufman has received the honor for the fourth year in a row.
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
SourcingAug 14, 2025
West Coast Orgs to Host Trading Event, Mixer in LAThe full-day sourcing and networking event, slated for Aug. 18, will be followed by the fifth annual Mega Mixer Summer Soirée.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
