FinancialsApr 22, 2022
Kering’s Q1 Jewelry Sales Were ‘Exceptional’FinancialsMay 18, 2022
Watches of Switzerland’s Jewelry Sales More Than Doubled in Q4
The retailer also said demand for Rolex, Patek Philippe, and Audemars Piguet watches continues to exceed its supply.
Pictured here is Watches of Switzerland’s new store in the Mall of America. The company’s fourth-quarter revenue was up 48 percent year-over-year.
London—Watches of Switzerland closed out its fiscal year on a high note, posting double-digit revenue growth for the fourth quarter and the full year.
“We have delivered another record year of revenue and profitability as we continue to progress our long-range plan,” said CEO Brian Duffy.
"We delivered an outstanding performance in both the U.S. and U.K., supported by broad-based sales growth across our portfolio of world-leading partner brands and driven by domestic clientele.”
Here are five important takeaways from its recent earnings report.
Watches of Switzerland had a good year.
In the fourth quarter ending May 1, the company posted £304 million ($378 million) in total revenue, up 48 percent year-over-year.
For the full year, revenue totaled £1.24 billion ($1.54 billion), a 40 percent year-over-year increase.
Sales in the luxury watches category were up 33 percent year-over-year in the quarter and up 32 percent for the full year.
Full-year online sales grew only 5 percent year-over-year, but that is compared with last year when the retailer’s stores were closed for 26 weeks due to COVID-19 lockdowns.
Compared with fiscal 2020, online sales more than doubled, up 128 percent.
In the United States, Watches of Switzerland’s fourth-quarter revenue totaled £136 million ($169 million), up 50 percent year-over-year.
For the full year, U.S. revenue rose 48 percent to £428 million ($532 million).
The retailer predicts another good year ahead.
Pandora and Brilliant Earth both forecast a slowdown ahead in their recent first quarter results, but Watches of Switzerland has a more bullish outlook.
The company said it is entering fiscal 2023 with “strong momentum” and expects to see a recovery in footfall and airport traffic.
“We enter FY23 with visibility of product supply for super high-demand brands for the remainder of the 2022 calendar year and an exciting program of new products and marketing from other brands,” said Duffy.
Looking ahead, Watches of Switzerland expects to see full-year revenue of £1.45 billion to £1.50 billion ($1.8 billion to $1.9 billion).
Related stories will be right here …
“We have delivered another record year of revenue and profitability as we continue to progress our long-range plan,” said CEO Brian Duffy.
"We delivered an outstanding performance in both the U.S. and U.K., supported by broad-based sales growth across our portfolio of world-leading partner brands and driven by domestic clientele.”
Here are five important takeaways from its recent earnings report.
Watches of Switzerland had a good year.
In the fourth quarter ending May 1, the company posted £304 million ($378 million) in total revenue, up 48 percent year-over-year.
For the full year, revenue totaled £1.24 billion ($1.54 billion), a 40 percent year-over-year increase.
Sales in the luxury watches category were up 33 percent year-over-year in the quarter and up 32 percent for the full year.
Full-year online sales grew only 5 percent year-over-year, but that is compared with last year when the retailer’s stores were closed for 26 weeks due to COVID-19 lockdowns.
Compared with fiscal 2020, online sales more than doubled, up 128 percent.
In the United States, Watches of Switzerland’s fourth-quarter revenue totaled £136 million ($169 million), up 50 percent year-over-year.
For the full year, U.S. revenue rose 48 percent to £428 million ($532 million).
The retailer predicts another good year ahead.
Pandora and Brilliant Earth both forecast a slowdown ahead in their recent first quarter results, but Watches of Switzerland has a more bullish outlook.
The company said it is entering fiscal 2023 with “strong momentum” and expects to see a recovery in footfall and airport traffic.
“We enter FY23 with visibility of product supply for super high-demand brands for the remainder of the 2022 calendar year and an exciting program of new products and marketing from other brands,” said Duffy.
Looking ahead, Watches of Switzerland expects to see full-year revenue of £1.45 billion to £1.50 billion ($1.8 billion to $1.9 billion).
Its Q4 jewelry sales more than doubled year-over-year.
The retailer’s luxury watch offerings account for a majority of its revenue, but its luxury jewelry category has been picking up steam.
Revenue in the luxury jewelry category more than doubled in the fourth quarter, up 124 percent year-over-year. For the full year, revenue was up 79 percent.
The company acquired a number of independent jewelers last year, including Betteridge, which has stores in Greenwich, Connecticut, and Vail and Aspen, Colorado.
It scooped up Ben Bridge at Mall of America outside of Minneapolis-St.Paul and Timeless Luxury Watches in Plano, Texas.
Watches of Switzerland also opened its first Bulgari boutique, which added to the increase in jewelry sales.
Demand for its luxury jewelry offerings has been “very positive,” said Duffy.
The company is growing its U.S. footprint.
Watches of Switzerland didn’t stop at the above acquisitions. It’s been steadily growing its U.S. store network.
The retailer announced the opening of a flagship store in Kenwood Towne Center in Cincinnati, Ohio.
Another new flagship showroom will open this year in the American Dream mall in New Jersey.
There are also plans to relocate two Mayors showrooms in Florida.
Watches of Switzerland also recently refurbished its Rolex boutique at the Wynn 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.
As of May 1, the company operated 171 stores across the U.S. and the U.K., including 55 mono-brand boutiques.
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 current fiscal year.
Demand for its high-end watches continues to exceed supply.
Watches of Switzerland places its Rolex, Patek Philippe, and Audemars Piguet watches in its “super high demand” category.
Demand for these brands has continued to exceed supply, said Duffy.
The brands have been hampered by supply chain constraints, especially Rolex.
A “restricted supply” meant sales for these brands increased “modestly” compared with prior years.
However, a limited supply of the above brands created an opportunity for other luxury watches, with sales of brands outside of these three more than doubling year-over-year.
Editors' Picks
Sponsored by
More on Financials
The Latest
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
Weekly QuizAug 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
SourcingAug 14, 2025
West Coast Orgs to Host Trading Event, Mixer in LAThe full-day sourcing and networking event, slated for Aug. 18, will be followed by the fifth annual Mega Mixer Summer Soirée.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
SourcingAug 13, 2025
ICA Names 2025 Board of DirectorsThe board elected 9 new directors at its recent ICA Congress in Brazil.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
