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Watches of Switzerland continued to thrive in Q1

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The retailer, which owns Mappin & Webb and Goldsmiths stores, as well as operating luxury monobrand watch boutiques and its eponymous chain, said that both the UK and US have been performing strongly and that online sales have risen 15.9%.

In the three months to August 1, revenue rose to £297.5 million from £151.6 million. UK sales grew as much as 104.7%.

Sales of luxury watches accounted for 87.1% of revenue compared to 86.8% a year ago, and while that meant the category continued to rise in importance in comparison to jewellery, the latter still performed well with revenue of £20.1 million.

CEO Brian Duffy said demand continues to “outstrip supply for an increasing number of key brands” such as Rolex and Patek Phillipe.

And while visitor traffic remains below the pre-pandemic norm, those shoppers who are visiting its locations seem to be more committed to spending and are laying out more on their watches and jewellery. This is possibly due to savings they’ve made during the pandemic and the fact that they’re not able to travel and therefore aren’t buying duty-free when abroad.

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