Watches of Switzerland HY revenues up 10% to £845m

Watches of Switzerland has revealed that its revenues rose 10% to £845m for the half year ended 26 October 2025.

The retailer said that demand for luxury watches remained robust and continued to exceed supply, with consistent additions to and conversions of the client Registration of Interest lists.

As a result, its luxury watches revenue was up 10% at constant currency while its luxury jewellery revenue was also up 10% at constant currency, making up 12% of group revenue.

The company’s strong performance was driven by its performance in the US where it saw its revenue rise £409m and increase of 20% on a constant currency basis. The company’s Roberto Coin brand wholesale sales were up 16% in constant currency with a positive market response to the new product and new advertising campaign.

Despite this strong performance, an additional 39% tariff has been in place since 7 August 2025 on landed cost of Swiss imports. The company stated that it understood negotiations between governments are still taking place.

It is closely monitoring tariff developments and brand responses but to date we have not seen any significant change to consumer behaviour.

In the UK, the company saw its revenue reach £436m, an increase of 2% compared with the previous period. It said it saw strong momentum across flagship boutiques, with its Rolex Old Bond Street outperforming and positive trading across recent investment projects.

Looking ahead, the company reiterated its FY26 guidance provided in July this year based on the current US tariff rates, and its brand partner and consumer responses to those tariffs to date.

CEO Brian Duffy said: “We have delivered a strong first half, with group revenue up 10% in constant currency, showing continued momentum across the group reflecting the strength of our business model, disciplined strategy execution, and improved market trends.

“The US has been the standout performer, with sales up 20% in constant currency, driven by broad-based growth across brands and categories throughout the period. Investments in our teams, showrooms and digital offer are driving growth, while Roberto Coin is delivering excellent results as we implement our growth acceleration strategy in the first full year of ownership.”

He added: “Our UK business performed well despite the challenges facing the UK High Street, with revenue up 2%. The luxury watch market remains stable and our results demonstrate the quality of our brand portfolio and our focus on enhancing showroom productivity and client service. The flagship Rolex boutique on Old Bond Street, the largest in Europe, continues to exceed expectations.

“We delivered strong momentum in the first half of the year and are well placed for the holiday trading period. While we remain cognisant of economic and geopolitical uncertainties in the second half, including the impact of US tariffs, we are confident in delivering another year of strong sales growth and continued progress in consolidating our leadership in luxury watch and jewellery retailing. We are reiterating our FY26 guidance for the full year.”