The boss of the group behind the Goldsmiths and Mappin & Webb brands said demand for luxury watches continues to outstrip supply – despite the economic backdrop.
Watches and Switzerland chief executive Brian Duffy said the group – which is based out of headquarters on the outskirts of Leicester – had a bright future ahead as it put out another strong trading update.
Group turnover for the last three months was £407 million, up from £348 million a year before, with luxury watch sales up 22 per cent to £340 million. Total sales for the full year are expected to be between £1.5 and £1.55 billion.
Sales of second hand watches and jewellery were also doing well, the business said, at home and in the States.
Mr Duffy said the strong performance came as a result of investment in showrooms, good partnerships with the big brands, the group’s vast scale, client service and its good online offer.
He said: “Demand remains strong and continues to exceed supply, with client registration lists growing.
“We exited the quarter with good momentum and are pleased to reiterate our full year guidance.
"Our expansion into Europe continued with the opening of our fifth mono-brand boutique, with OMEGA in Stockholm in the third quarter.
“Early trading remains positive, and we are excited to open our first mono-brand boutique in Dublin with TAG Heuer later this month.”
In the last few months the group has expanded its Watches of Switzerland showroom in Canary Wharf, London, and continued to roll-out its Goldsmiths Luxury format with a refurbished showroom in Brent Cross, London, and relocated showrooms in Cribbs Causeway, Bristol and Solihull.
The business also opened its first Longines boutique in Glasgow and will open a flagship Watches of Switzerland showroom in the American Dream complex, in New Jersey in April.
It is also working on plans for a third Watches of Switzerland showroom in Manhattan at One Vanderbilt, anchored by OMEGA and Cartier, and a new Rolex boutique in Bond Street with around 7,000 sq ft of selling space.
The group, which also includes Mayors in the US, now has 192 showrooms in the UK, Europe and America and is the UK's largest retailer for Rolex, OMEGA, Cartier, TAG Heuer and Breitling watches.
