Watches of Switzerland sees H1 results surge 31% to £765m
The strong results mean that the company is sticking to its full year guidance for FY23
Watches of Switzerland has revealed its revenues increased 31% to £765m during the first half of the year ended 30 October 2022.
The company has seen a “continued strong demand” for luxury watches and jewellery and has attributed revenue growth to increased prices.
UK revenues increased 8% to £454m, which it said was driven predominantly by domestic clientele.
The strong results mean that the company is sticking to its full year guidance for FY23.
The results come after the company opened 20 new showrooms in the UK, including one at the new Battersea Power Station retail complex. It also refurbished a number of its flagship stores including its Regents Street store and its store in Canary Wharf.
CEO Brian Duffy said: “I am pleased with our strong performance in the first half of the financial year which reflects our leadership position and the strength of our longstanding brand partnerships as we continue to take market share.
“Our proven business model, international scale, bold marketing and dedication to client service truly sets us apart, and our client registration lists continue to extend as we continue to attract new clients as well as retain a loyal base of existing ones.
He added: “We continue to expand our retail network, opening a total of 20 showrooms across the UK, US and Europe in the first half of FY23, and to invest in elevating the luxury experience for our clients through showroom refurbishments.
“We have an exciting and growing pipeline of new projects, and I am delighted to announce our third Watches of Switzerland multi-brand showroom in Manhattan at One Vanderbilt anchored by OMEGA and Cartier due to open in 2023.”
