FinancialsDec 14, 2021
Watches of Switzerland Posts Strong H1 Despite Supply WoesFinancialsFeb 10, 2022
Watches of Switzerland’s Q3 Jewelry Sales Up 88%
Jewelry sales were strong following its acquisition of Betteridge and the opening of its first Bulgari boutique.
Pictured here is Watches of Switzerland’s new store in the Mall of America after acquiring the location from Ben Bridge as part of its North American expansion. The company’s third-quarter revenue was up 28 percent year-over-year.
London—Watches of Switzerland delivered a strong third quarter, with jewelry sales nearly doubling following its acquisition of Betteridge and the opening of its first Bulgari boutique.
In the third quarter ending Jan. 30, the company posted £348.1 million ($472.6 million) in total revenue, up 28 percent year-over-year.
Revenue was up 35 percent compared with the third quarter of pre-pandemic 2019.
For the first nine months of the year, revenue totaled £934.3 million ($1.27 billion), up 36 percent year-over-year and up 36 percent compared with pre-pandemic 2019.
“I am pleased to report continued strong momentum for our group following a successful Christmas trading period,” CEO Brian Duffy said.
“We have delivered impressive growth in both luxury watches and luxury jewelry in both the U.K. and U.S. markets, demonstrating the value of our portfolio of world leading partner brands.”
The positive performance was driven by strong demand for luxury jewelry and watches.
The luxury watches category was up 21 percent year-over-year in the quarter and up 33 percent for the first nine months of the year.
“Demand for luxury watches continues to be very strong in both the U.K. and the U.S., consistently exceeding supply,” said Watches of Switzerland in a press release about the results.
Its “super high demand” watch brands include Rolex, Patek Philippe, and Audemars Piguet.
The brands have been hampered by supply chain constraints, especially Rolex, but full-year intake was in line with the company’s expectations.
A limited supply of the above brands meant stronger sales for other luxury watches, with sales in the category excluding those three more than doubling, up 112 percent year-over-year.
The luxury jewelry category was up 88 percent year-over-year in the quarter and up 70 percent in the first nine months of the year.
Online sales for the quarter slipped 1 percent compared with last year, when U.K. stores were closed four out of the 13 weeks in the quarter due to COVID-19 restrictions.
The results reflect a strong market, said the company, as well as incremental growth from its recent Betteridge acquisition and the opening of its first Bulgari boutique.
Related stories will be right here …
In the third quarter ending Jan. 30, the company posted £348.1 million ($472.6 million) in total revenue, up 28 percent year-over-year.
Revenue was up 35 percent compared with the third quarter of pre-pandemic 2019.
For the first nine months of the year, revenue totaled £934.3 million ($1.27 billion), up 36 percent year-over-year and up 36 percent compared with pre-pandemic 2019.
“I am pleased to report continued strong momentum for our group following a successful Christmas trading period,” CEO Brian Duffy said.
“We have delivered impressive growth in both luxury watches and luxury jewelry in both the U.K. and U.S. markets, demonstrating the value of our portfolio of world leading partner brands.”
The positive performance was driven by strong demand for luxury jewelry and watches.
The luxury watches category was up 21 percent year-over-year in the quarter and up 33 percent for the first nine months of the year.
“Demand for luxury watches continues to be very strong in both the U.K. and the U.S., consistently exceeding supply,” said Watches of Switzerland in a press release about the results.
Its “super high demand” watch brands include Rolex, Patek Philippe, and Audemars Piguet.
The brands have been hampered by supply chain constraints, especially Rolex, but full-year intake was in line with the company’s expectations.
A limited supply of the above brands meant stronger sales for other luxury watches, with sales in the category excluding those three more than doubling, up 112 percent year-over-year.
The luxury jewelry category was up 88 percent year-over-year in the quarter and up 70 percent in the first nine months of the year.
Online sales for the quarter slipped 1 percent compared with last year, when U.K. stores were closed four out of the 13 weeks in the quarter due to COVID-19 restrictions.
The results reflect a strong market, said the company, as well as incremental growth from its recent Betteridge acquisition and the opening of its first Bulgari boutique.
In a move to bolster revenue, the company has continued to expand in the U.S. market.
In the region, third-quarter revenue totaled £124.6 million ($169.2 million), up 44 percent year-over-year and up 67 percent compared with the third quarter of 2019.
U.S. luxury watch sales were up 32 percent year-over-year, while sales of other luxury watch brands more than tripled, up 214 percent year-over-year.
Jewelry sales in the U.S. were especially strong, up 173 percent following its Betteridge acquisition, which was completed in December 2021, and the opening of its first Bulgari boutique.
For the first nine months of the year, U.S. revenue totaled £292.1 million ($396.6 million), up 41 percent year-over-year and up 57 percent compared to the same period in 2019.
The company recently acquired five stores belonging to leading independent watch retailers in the U.S. as it continues its North American expansion.
It scooped up Ben Bridge at Mall of America outside of Minneapolis-St.Paul; Timeless Luxury Watches in Plano, Texas; and three Betteridge stores in Greenwich, Connecticut, and Vail and Aspen, Colorado.
The acquisitions brought its U.S. network up to 36 stores, including 22 multi-brand and 14 mono-brand boutiques, located in 12 states.
As of Jan. 30, the company operated 171 stores across the U.S. and the U.K., including 51 mono-brand boutiques.
It also refurbished its Rolex boutique at the Wynn Resort in Las Vegas, reopened Mayors Millenia in Florida, and expanded its mono-brand boutique network with the opening of Breitling Short Hills, New Jersey and Tudor Millenia in Florida.
The company is also expanding in Europe, opening six mono-brand boutiques in Sweden, Denmark, and Ireland, set to open in the first half of its next fiscal year, which begins in May.
Looking to the year ahead, the company is expecting full-year revenue to be near the top end of its guidance, which was previously raised following a strong performance in the first half.
It expects revenue of £1.15 billion to £1.20 billion, assuming there are no significant changes in market conditions.
The company has plans to open a new flagship store in Cincinnati and three new mono-brand boutiques in the U.K. It will also refurbish Mayors in Boca Raton, Florida.
Looking further ahead to its next fiscal year, it plans to expand its mono-brand boutique store network in the U.S. and the U.K. even further and continue to refurbish the Mayors store network in Florida.
A new flagship will open in the American Dream mall in New Jersey as well as a new Watches of Switzerland store in London.
More on Financials
The Latest
CollectionsSep 11, 2026
A Sapphire ‘Stardust’ Ring From Greenwich St. Jewelers The Latine-owned New York jeweler is marking two milestones this year: its 50th anniversary and the 25th anniversary of the 9/11 attacks.
ColumnistsSep 11, 2026
Sherry Smith: Stop Waiting for December to Save Your ChristmasThe stores that have a great December are the ones that made good decisions in August, September, and October, Sherry Smith writes.
MajorsSep 11, 2026
The Wishing Place by JTV OpensThe jewelry retail broadcast network has sponsored a new space for Make-A-Wish East Tennessee on its campus in Knoxville.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
MajorsSep 10, 2026
Lagos Founder Steven Lagos Steps Down as CEO Keith Rolfe, CFO and COO of Lagos, is now at the jewelry brand’s helm while Steven takes on the role of executive chairman.
Weekly QuizSep 10, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeSep 10, 2026
FBI Offers $50K Reward for ‘Most Wanted’ Fugitive in $1M Jewelry HeistAlberto Perez-Elias is one of four men charged in the armed robbery of a Cape Coral, Florida, jewelry store and remains at large.
AuctionsSep 10, 2026
Massive Matched Pair of Paraíba Tourmalines Head to Sotheby’sThe “Kat Florence Luminas” will be offered together as one lot and could fetch up to $637,000.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
SourcingSep 10, 2026
AGTA Announces 4 Newly Elected DirectorsFour directors were elected to the AGTA board and will serve three-year terms beginning in February.
AuctionsSep 10, 2026
Former Sotheby’s, Christie’s Exec Appointed CEO of Julien’s Auctions Ken Citron joins the celebrity memorabilia-focused auction house ahead of its first week-long series of events in Abu Dhabi.
IndependentsSep 09, 2026
Sarah Leonard Fine Jewelers Closes After Nearly 80 YearsThe Los Angeles-based, family-owned jeweler was founded by Lenny and Sunny Friedman in 1946.
SourcingSep 09, 2026
Fura Gems Notes ‘Remarkable’ Interest in Larger Rubies at Latest SaleThe auction, held in Bangkok, was 96 percent sold by lot, with nearly 411,000 carats of Mozambiquan rubies sold.
MajorsSep 09, 2026
Stuller’s Latest Catalog Includes Its New Demi-Fine CollectionFine Jewelry 2027-2028 has more than 900 new styles, including silver, gold-filled, gold-plated sterling silver, and vermeil jewelry.
Policies & IssuesSep 09, 2026
8 Key Changes the FTC Made to the Jewelry Guides: A Refresher Learn more about the new terms for lab-grown diamonds and composite gemstones, and the major changes in store for precious metals jewelry.
IndependentsSep 08, 2026
Ricky Bromberg, Longtime President of Bromberg & Co., Dies at 67 Bromberg is remembered as a Southern gentleman who always wore a suit and tie and treated others with kindness.
TrendsSep 08, 2026
Amanda’s Style File: A Hot Take on September’s Birthstone With high durability and a wide range of colors to choose from, sapphires may be the ultimate birthstone, Gizzi claims.
ColumnistsSep 08, 2026
Peter Smith: Humor Is No Laughing MatterLaughter is often considered a distraction in the workplace, but it has benefits for both staff and management, Peter Smith writes.
MajorsSep 08, 2026
Former Tiffany & Co. Exec Joins Exemplar Luxury GroupGretchen Koback Pursel is the new chief people officer at the company formerly known as Saks Global.
IndependentsSep 04, 2026
Orloff Jewelers Will Soon Unveil a Bigger, Better LocationThe California jeweler is renovating its store in Fresno, with plans to show off the new space in December.
CollectionsSep 04, 2026
Chelsea Gabrielle Transforms Pilates Reformer Springs Into Ring A lifelong practitioner of Pilates, Gabrielle looked to the springs’ tension and suspension when creating this ring, our Piece of the Week.
Events & AwardsSep 04, 2026
JCK Industry Fund Accepting 2027 ApplicationsThe deadline to apply is Nov. 13.
AuctionsSep 04, 2026
Christie's Names New Global Head of WatchesThe auction house has promoted Remi Guillemin, formerly its head of watches for the Americas and EMEA, to the role.
EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
Events & AwardsSep 03, 2026
Here Are the First Recipients of Nina Pugliese Memorial Scholarship Jewelers of America also revealed the recipients of the Seymour & Evelyn Holtzman Bench Scholarship and its own scholarship programs.
WatchesSep 03, 2026
Robert Pattinson Joins Jaeger-LeCoultre as Brand AmbassadorThe British actor, known for his roles in “Twilight” and “The Odyssey,” will star in a campaign for the Master Control Chronometre.
CollectionsSep 03, 2026
Sydney Evan Celebrates 25 Years With 4 New CollectionsThe “Confetti Disco,” “Champagne Cheers,” “Tuxedo,” and “Classic Punk” jewelry collections each capture a distinct spirit of celebration.
CrimeSep 02, 2026
CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi SchemeNelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
