The boss of the Watches of Switzerland Group says demand for luxury watches remains high despite the current economic crisis. Chief executive Brian Duffy said the year to the end of April was another record 12 months for the group which also includes the Mappin and Webb and Goldsmiths brands.
Total sales rose to more than £1.5 billion for a quarter, aided by sales growth of more than 50 percent to £653 million in the US, aided in part by the rising price of new fancy watches. The Leicester-headquartered company continues to roll out its luxury formula Goldsmiths, with renovations completed at its showrooms in Cabot Circus, Bristol and 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 brings the total number of stores around the world to 193.
Major store openings are also planned, including the Watches of Switzerland showrooms at the American Dream resort in New Jersey, set to open this month; The Hague in the Netherlands, opening at the end of this year; and at One Vanderbilt, in New York, opening in January 2024.
A flagship Rolex boutique in London’s Old Bond Street will open in the first half of 2024, with a TUDOR store on the same West End street later next year.
Mr. Duffy said last year was another record year in terms of sales and profitability.
He said: “While, as expected, the second half of FY23 saw a more challenging trading environment, demand remains strong and continues to outpace supply, with customer registration lists continuing to grow. I want to thank all my colleagues for their continued hard work and dedication.
“We have an exciting pipeline of showroom projects and I am pleased to announce that the group has signed a letter of intent with Audemars Piguet confirming its intention to open an AP House in the UK in the St Anne’s area, Manchester, through a joint venture partnership in spring 2024.
“This is a major extension of our partnership with Audemars Piguet, which has existed for over 50 years, and we look forward to what will become a great showroom for the City of Manchester.
“We are also announcing today our plan to open a flagship TUDOR mono-brand boutique in Old Bond Street, one of London’s most prestigious addresses, in Q4 FY24.”
He said the company entered the new fiscal year “significantly earlier” than where it had expected after two years of exceptional performance.
He added: “We remain confident in our objectives to maintain our leading position in the UK, become the clear leader in the US and capitalize on our growth potential in Europe.”
