FinancialsOct 25, 2023
Kering’s Q3 Sales Slide Amid Luxury Sales Slowdown FinancialsNov 08, 2023
Watches of Switzerland’s Jewelry Sales Sink in Q2
Sales of pre-owned watches, however, grew 80 percent following the company’s rollout of the Rolex Certified Pre-Owned program.
Pictured here is Watches of Switzerland’s store in the Mall of America in Bloomington, Minnesota. Watches of Switzerland CEO Brian Duffy described the consumer environment as “difficult” in the first half of 2023.
London—Watches of Switzerland had a rough first half of the year, with jewelry sales down double digits and watch sales virtually flat.
CEO Brian Duffy pointed to a “difficult consumer environment” as the company released its second-quarter results Tuesday, while adding that several of the company’s Mappin & Webb showrooms in the United Kingdom have been closed for upgrades though they are set to reopen before the holiday season.
Pre-owned watch sales, however, were a bright spot on Watches of Switzerland’s balance sheet, up 80 percent year-over-year in the second quarter.
Duffy noted a positive response to the company’s rollout of the Rolex Certified Pre-Owned program, launched in the United States in July and in the U.K. in September.
For the second quarter ending Oct. 29, the company posted £379 million ($466 million) in total revenue, up 1 percent year-over-year at actual rates, though up 5 percent at constant currency rates.
In the U.S., Watches of Switzerland’s revenue grew 4 percent (11 percent at constant currency rates) in Q2, totaling £165 million ($203 million).
For the first half of the year, Watches of Switzerland’s total revenue was £761 million ($936 million), flat year-over-year (up 2 percent at constant currency rates).
E-commerce sales slipped 4 percent, which the company attributed to tough comps and the overall drop in jewelry sales.
In the U.S., first-half revenue totaled £328 million ($403 million), up 5 percent year-over-year (up 11 percent at constant currency rates).
“We sustained strong momentum in the U.S,” Duffy said.
The luxury jewelry category struggled with revenue down 18 percent in the quarter (down 16 percent at constant currency rates) and down 17 percent in the first half of the year (down 15 percent at constant currency rates).
“This reflects market trends impacted by overall consumer sentiment and by a repositioning to full-price sales in the U.S.,” said the company.
Looking at watches, quarterly sales in the luxury watches category rose 3 percent year-over-year (up 6 percent at constant currency rates) while first-half sales in the category were flat (up 3 percent at constant currency rates).
“Demand for luxury watches remains robust and continues to exceed supply, with consistent additions to and conversions of the client ‘Registration of Interest’ lists, and average selling prices continuing to increase,” said Duffy.
Watches of Switzerland’s “services/other” segment saw solid growth, up 8 percent in the quarter (up 9 percent at constant currency rates) and up 6 percent in the first half (up 7 percent at constant currency rates).
Related stories will be right here …
CEO Brian Duffy pointed to a “difficult consumer environment” as the company released its second-quarter results Tuesday, while adding that several of the company’s Mappin & Webb showrooms in the United Kingdom have been closed for upgrades though they are set to reopen before the holiday season.
Pre-owned watch sales, however, were a bright spot on Watches of Switzerland’s balance sheet, up 80 percent year-over-year in the second quarter.
Duffy noted a positive response to the company’s rollout of the Rolex Certified Pre-Owned program, launched in the United States in July and in the U.K. in September.
For the second quarter ending Oct. 29, the company posted £379 million ($466 million) in total revenue, up 1 percent year-over-year at actual rates, though up 5 percent at constant currency rates.
In the U.S., Watches of Switzerland’s revenue grew 4 percent (11 percent at constant currency rates) in Q2, totaling £165 million ($203 million).
For the first half of the year, Watches of Switzerland’s total revenue was £761 million ($936 million), flat year-over-year (up 2 percent at constant currency rates).
E-commerce sales slipped 4 percent, which the company attributed to tough comps and the overall drop in jewelry sales.
In the U.S., first-half revenue totaled £328 million ($403 million), up 5 percent year-over-year (up 11 percent at constant currency rates).
“We sustained strong momentum in the U.S,” Duffy said.
The luxury jewelry category struggled with revenue down 18 percent in the quarter (down 16 percent at constant currency rates) and down 17 percent in the first half of the year (down 15 percent at constant currency rates).
“This reflects market trends impacted by overall consumer sentiment and by a repositioning to full-price sales in the U.S.,” said the company.
Looking at watches, quarterly sales in the luxury watches category rose 3 percent year-over-year (up 6 percent at constant currency rates) while first-half sales in the category were flat (up 3 percent at constant currency rates).
“Demand for luxury watches remains robust and continues to exceed supply, with consistent additions to and conversions of the client ‘Registration of Interest’ lists, and average selling prices continuing to increase,” said Duffy.
Watches of Switzerland’s “services/other” segment saw solid growth, up 8 percent in the quarter (up 9 percent at constant currency rates) and up 6 percent in the first half (up 7 percent at constant currency rates).
Looking to the year ahead, the company plans to continue expanding and revamping its store network.
It announced Tuesday that it has acquired 19 luxury watch showrooms from Ernest Jones, a Signet Jewelers-owned, U.K.-based brand—14 multi-brand showrooms and five mono-brand boutiques.
Ernest Jones operates about 180 locations, as per Signet Jeweler’s website.
The price of the acquisition, expected to be finalized this month, was not disclosed.
As of Oct. 29, Watches of Switzerland had 211 showrooms across the U.S., U.K., and Europe.
The company maintained its fiscal-year sales and profit guidance, anticipating sales of £1.65 billion to £1.7 billion ($2.03 billion to $2.09 billion), meaning growth of 8 to 11 percent at constant currency rates.
More on Financials
The Latest
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ CollectionAfter experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
MajorsOct 27, 2025
Target to Cut 1,800 Corporate JobsThe retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond JewelryFrom sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry ShowHill Management Group will oversee, market, and produce next year’s spring show.
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
SourcingOct 23, 2025
Petra Diamonds Turns to Shareholders to Raise Capital The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch HistoryThe book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.
AuctionsOct 23, 2025
Freeman’s | Hindman Names New VP, Senior Specialist for Jewelry & WatchesAlexis Vourvoulis, who most recently worked at Tiffany & Co., brings more than two decades of jewelry experience to her new role.
TrendsOct 22, 2025
The Taylor Swift Effect: Antique Diamonds EditionThe superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.
TrendsOct 22, 2025
Don’t Forget These Diamond Jewelry Trends When Stocking for the HolidaysRetailers should offer classic styles with a twist that are a perfect fit for layered looks, experts say.
AuctionsOct 22, 2025
Pink Diamond, Vanderbilt Jewels to Headline Phillips’ Geneva AuctionThe nearly 7-carat fancy vivid purplish pink diamond could sell for around $9 million.
SourcingOct 22, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
CollectionsOct 22, 2025
Tiffany & Co.’s ‘Bird on a Rock’ Finds New PerchChief Artistic Officer Nathalie Verdeille has reimagined the iconic design in both figurative and abstract creations.
Events & AwardsOct 22, 2025
JFC Kicks Off Halloween Costume ChallengeFive dollars buys one vote toward an industry professional you want to see dressed up as a hero, or a villain, this Halloween.
Events & AwardsOct 22, 2025
Hillsborough Antique Show Gets New OwnerRecently acquired by KIL Promotions, the November edition of the public show in San Mateo, California, will be held Nov. 7-9.
GradingOct 21, 2025
GIA Examines Rare Bicolor Pink DiamondThe stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.
MajorsOct 21, 2025
Pomellato Brings ‘Global Attitude’ to Rodeo Drive FlagshipHollywood glamour meets Milanese sophistication in the design of Pomellato’s new store in Beverly Hills, California.
Lab-GrownOct 21, 2025
Grown Brilliance Opens First FlagshipThe New York City store showcases a chandelier with 1,500 carats of lab-grown diamonds designed by an FIT student.
Events & AwardsOct 21, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
