Raft of new openings lined up for Watches of Switzerland Group
The Watches of Switzerland Group said it has an “exciting schedule” of new projects in 2023 and 2024.
The multi-brand group is expanding its mono-brand portfolio with 20 boutiques planned across the UK, United States, and Europe during the remainder of the financial year.
It is planning to continue the roll-out of its Goldsmith Luxury showroom format, with expansions planned for its Birmingham Bullring, Liverpool, and Gateshead’s Metrocentre sites in winter 2023, along with a relocation for the brand’s Trafford Centre showroom in Manchester.
The Watches of Switzerland Group is also planning to further its expansion of the Mappin & Webb contemporary format in Guernsey in August, and in Glasgow and Bluewater, Dartford, in winter.
The group will also launch its pre-owned Rolex range in the UK in September.
In 2024, a flagship Rolex store in Old Bond Street is planned for the summer, while a partnership with Audemars Piguet in Manchester and a Rolex boutique in Glasgow are due to open in the autumn.
This comes as the group releases a trading update for the first quarter of its 2024 financial year, consisting of the the 13 weeks to 30 July 2023.
During the period, the group recorded a UK and Europe revenue of £219m, which was a year on year decrease of 8%. Watches of Switzerland said performance has continued to be driven by a “resilient domestic clientele” with strength across the UK.
The group’s full year guidance remains unchanged, with a revenue expectation of between £1.65bn-£1.7bn.