The Watches of Switzerland Group reported that its group’s revenue had increased by 40% on an annual basis from £ 905 million to £ 1.23 billion in the 53 weeks ending 1 May 2022 (FY22), noting “Record” year of revenue and profitability.

Overall revenue in the UK increased by 36% to £ 810 million and revenue in the US increased by 48% to £ 428 million.

Luxury watch sales for the 22nd fiscal year rose 36% year-on-year from £ 788 million to £ 1.04 billion, with demand for luxury watches continuing to be “very strong” in both the UK and the US and exceeds supply.

In addition, luxury jewelery sales increased by 86% in the 22nd financial year, from £ 61 million to £ 109 million, with improvements in scope, growth since the acquisition of Betteridge and the opening of the group’s first BVLGARI monobrand boutique.

Group e-commerce sales also increased by 5% year-on-year as showrooms closed for approximately 26 weeks during Blockade of Covid-19, although this increased by 128% compared to pre-pandemic levels.

Looking ahead to fiscal year 23, Watches of Switzerland said it anticipates that pandemic disturbances are now largely behind the group, with ongoing visitors recovering and airport traffic.

The group expects revenue for the 23rd financial year to reach £ 1.45 billion to £ 1.50 billion and plans to open a new showroom in Battersea, London, as well as continue to introduce the Goldsmiths Luxury showroom format.

It also plans to continue expanding its monobrand portfolio in the United Kingdom and the United States and to enter the European market by opening six single-brand boutiques in Sweden, Denmark and the Republic of Ireland.

Brian Duffy, CEO, said: “We have achieved outstanding performance in both the United States and the United Kingdom, supported by broad-based sales growth in our portfolio of leading global partner brands and led by local clientele. We are also pleased to announce our forthcoming entry into the European market.

“The luxury watch and jewelry markets are dynamic and our group-driven model continues to gain momentum. Consumer demand for ultra-high demand brands (Rolex, Patek Philippe and Audemars Piguet) continues to exceed supply, and other luxury watch brands are enjoying extremely high demand and sales.

Watches of Switzerland hails record revenues of £1.23bn

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