Luxury Goods

Watches of Switzerland hits ‘record’ sales of £1.24bn

It comes as FY22 luxury watch sales were up by 36% against last year, with demand for luxury watches continuing to be strong in both the UK and US

Watches of Switzerland has delivered “record” sales in FY22, with revenues up 40% to £1.24bn in the year ending 1 May 2022, with UK revenue up by 36% to £810m.

Adjusted EBITDA also jumped 54% to £162m as the group saw continued strong demand for luxury watches and luxury jewellery.

It comes as FY22 luxury watch sales were up by 36% against last year, with demand for luxury watches continuing to be strong in both the UK and US, “consistently exceeding supply”, according to the group. 

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Meanwhile, FY22 luxury jewellery sales were up by 86%, reflecting a “strong” market, continued improvement in the full year. 

In the UK, the group continued to invest in its showroom network, including the introduction of its Goldsmiths Luxury concept to seven showrooms and the rollout of a further 12 mono-brand boutiques.

CEO Brian Duffy said it had been a “tremendous year” for the group, producing record sales and profits and added it was “particularly pleasing” to have delivered this performance against “such strong prior year comparatives”. 

He said: “We are undoubtedly operating in a growing segment, but it is our distinctive and proven business model, the strength of our brand partnerships, our international scale, our bold marketing campaigns and our dedication to client service which sets us apart. 

“Taken together, these inherent strengths have seen us attract new consumers and continuously gain market share, strengthening our position as the destination for luxury watches and luxury jewellery.” 

He added: “Our sustained capital investment has continued to support our growth plans. We have seen a strong performance from our recently opened and refurbished showrooms in the UK and US, and we have big plans for our European business. In addition, I am pleased that a year on from launch, we have donated £4.5 million to The Watches of Switzerland Group Foundation, in order to support the communities in which we operate. 

“We enter FY23 with strong momentum with consumer demand continuing to outpace supply, and within this environment, we are benefitting from our strength both in showrooms and online. “Watches of Switzerland is uniquely positioned within a large and growing market, and we look to the future with confidence as we focus on capitalising on the considerable sustainable growth opportunities available to us.”

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