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Watches of Switzerland has stated that trading for the first 18 weeks of the financial year has been in line with its expectations and that the group is on track to deliver its FY25 guidance as it makes progress against its Long Range Plan.
Demand for its key luxury brands, particularly products on Registration of Interest lists, remains strong in both the UK and US markets, outstripping supply, with consistent additions and conversions.
Over the period, the group has also seen continued stabilisation of the UK market in both luxury watches and jewellery following a period of challenging macroeconomic conditions in the prior financial year.
In addition, the group reported that the luxury branded jewellery has also performed well globally, and has announced the exclusive launches of David Yurman and Repossi in the UK.
It stated that it is making good progress on its Manchester luxury jewellery boutique and it is anticipated this will open in April 2025. This boutique will be the exclusive retail partner for a number of luxury jewellery brands outside of London.
Watches of Switzerland has continued with its showroom development programme, with the opening of Mappin and Webb Edinburgh. In the second half of the year, the group is also planning to open a new Rolex boutique Old Bond Street, London
In the first half of FY25, it is increasing showroom stock levels in the US to enhance displays and client experience. As previously indicated, it expects US growth to be second half weighted.
Looking ahead, the company is working closely with its new colleagues on new growth plans for the US market.
It intends to grow and develop the Roberto Coin brand, which was acquired in May 2024, and is actively negotiating new mono-brand boutiques in the US, alongside concession models with department store partners.
The group said: “Based on current trading, confidence of supply in both markets, increased certainty on the timing of key showroom projects, and visibility of new product launches, we have confidence in delivering our FY25 guidance as set out at the FY24 results.”
