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Watches of Switzerland has announced it remains “on track” to hit its FY25 targets, as its Q3 performance was in line with its expectations, with “good trading” in the UK and US during the holiday period.
For the 13 weeks to 26 January 2025, Watches of Switzerland has seen further stabilisation of the UK market in both luxury watches and jewellery, while the US market has seen continued momentum.
In addition, its differentiated business model, alongside the continued investment in its showroom portfolio, has “driven market share gains in both the UK and US”.
According to the group, demand for its key luxury brands, particularly products on Registration of Interest lists, “remains strong”, outstripping supply in both the UK and US markets.
It has also been encouraged by the performance of its pre-owned businesses and the strong performance of the Roberto Coin brand in North America, which it acquired last year for $130m (£104.3m).
At the beginning of March 2025, the company is set to open its new flagship Rolex boutique in Old Bond Street, London.
According to the group’s recent results in December, it posted a 39% decline in its profit before tax from £67m to £41m despite a 4% increase in revenues to £785m, driven by strong demand in the US.
Looking ahead, Watches of Switzerland, said: “Given its trading performance over the first nine months of the fiscal year, visibility of supply in both markets, certainty on the timing of key showroom openings, and expectations of new product launches, we remain confident in delivering our FY25 guidance.”
