Watches of Switzerland has “exciting schedule” for showroom projects
The Watches of Switzerland Group has said it has an “exciting schedule” of new showroom projects for its 2024 financial year.
The group, which also operates the Goldsmiths brand in the UK, said it would be expanding its mono-brand portfolio with 20 boutiques planned across the UK, US and Europe.
In June, Watches of Switzerland opened two boutiques for Breitling and TAG Heuer in Bristol’s Cabot Circus. It also launched its first new contemporary showroom concept for Mappin & Webb in York.
The group will also debut its ‘Rolex Certified Pre-Owned’ concept in the UK in September.
In the next financial year, the group is planning to open a Rolex flagship boutique at Old Bond Street in the summer of 2024, as well as a joint venture with Audemars Piguet in Manchester and an expanded Rolex boutique in Glasgow in the autumn.
This comes as the retail group publishes its annual results for the 2023 financial year, during which it recorded an increase of both revenue and profit.
In the year to 30 April 2023, The Watches of Switzerland Group’s revenue was £1.54bn, a 25% increase against 2022’s figure of £1.24bn.
The group’s statutory operating profit rose 26% to £179m, compared to the £142m recorded the previous year.
Brian Duffy, the group’s chief executive officer, said: “Our record performance is testament to our unique combination of longstanding luxury brand partnerships, dedicated colleagues focused on delivering exceptional client service, and our well-invested network of showrooms, which are supported by leading multi-channel capabilities. Luxury watch demand remains strong and continues to outpace supply, with our client registration lists extending and average selling prices growing.”