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
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
MajorsApr 16, 2024
Loudr Adds 2 DirectorsEmily Highet Morgan and Emily Bennett have joined the agency’s team.
MajorsApr 16, 2024
Stuller Releases First Lab-Grown Diamond Jewelry CatalogIts updated book for mountings is also now available.
SourcingApr 16, 2024
Karen Rentmeesters Takes Over as Interim CEO of AWDCShe has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
TechnologyApr 15, 2024
Judge Rules Jeweler’s Lawsuit Against PNC Bank Can Move ForwardJoyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
IndependentsApr 15, 2024
Alfred W. DeScenza of DeScenza Diamonds Dies at 95He is remembered by loved ones for his loyalty, integrity, and kindness.
AuctionsApr 15, 2024
Madeleine K. Albright Jewelry, Pins Coming to AuctionHosted by Freeman’s | Hindman, the sale will take place May 7-8.
AuctionsApr 15, 2024
All of Sotheby’s ‘Rough Diamonds’ Sold in Less Than an HourThe auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
Events & AwardsApr 15, 2024
10 Can’t-Miss Sessions at AGS Conclave 2024From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
Recorded WebinarsApr 12, 2024
Watch: What Jewelers Need to Know About InsuranceFrom cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
CollectionsApr 12, 2024
Piece of the Week: Lionheart’s Evil Eye Gemstone CharmThe charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Events & AwardsApr 12, 2024
The Jewelry Symposium Announces 4 Scholarship WinnersAhead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
Policies & IssuesApr 11, 2024
SRK Exports’ Journey Toward Net Zero Impact By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Lab-GrownApr 11, 2024
AGTA Bans Lab-Grown Diamonds, Gemstones at GemFairMembers can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
