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
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Weekly QuizMar 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
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.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
SourcingMar 24, 2026
AGTA Solidifies Tucson Dates For 2027-2029The next three editions of AGTA GemFair Tucson will feature a five-day show that includes Sunday.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
SourcingMar 18, 2026
Lucara Recovers Nearly 37-Carat Blue DiamondThe “stunning” Type IIb stone was found via x-ray technology at its Karowe mine in Botswana.
