The boss of the Watches of Switzerland Group says demand for luxury watches remains high despite the current economic squeeze. Chief executive Brian Duffy said the year to the end of April was another record 12 months for the group which also takes in the Mappin and Webb and Goldsmiths brands.
Total sales were up a quarter at more than £1.5 billion, helped by US sales growing more than 50 per cent to £653 million, helped in part by the rising price of new posh watches. The Leicester-headquartered business is continuing to roll-out its Goldsmiths luxury format, with refurbishments completed at its showrooms in Cabot Circus, Bristol and at Lakeside, in West Thurrock. Single brand boutiques have opened in partnership with Breitling in Leicester, and Cribbs Causeway, Bristol, while a Tag Heuer boutique has opened in Dublin. It takes the total number of stores around the world to 193.
Big store openings are also being planned including Watches of Switzerland showrooms at the American Dream resort, in New Jersey, opening this month; The Hague in the Netherlands, opening at the end of the year; and at One Vanderbilt, in New York, opening in January 2024.
A flagship Rolex boutique in Old Bond Street, London, will open in first half of 2024, with a TUDOR store opening in the same West End street later next year.
Mr Duffy said the last year was another record year of revenue and profitability.
He said: “Although, as expected, the second half of FY23 saw a more challenging trading environment, demand remains strong and continues to exceed supply, with client registration lists continuing to grow. I would like to thank all my colleagues for their continued hard work and dedication.
“We have an exciting pipeline of showroom projects, and I am delighted to announce the group has signed a letter of intent with Audemars Piguet confirming its intention to open an AP House in the UK in the region of St Anne's, Manchester, via a joint venture partnership in spring 2024.
“This is an important expansion in our partnership with Audemars Piguet which has spanned more than 50 years and we look forward to what will be a great showroom for the city of Manchester.
“We also announce today our plan to open a flagship TUDOR mono-brand boutique at Old Bond Street, one of the most prestigious addresses in London, in Q4 FY24.”
He said the business entered its new financial year “significantly ahead” of where it had expected following two years of exceptional performance.
He added: “We remain confident in our goals to maintain our leadership position in the UK, become the clear leader in the US, and capitalise on our growth potential in Europe.”
