Watches of Switzerland reported a 25 per cent hike in revenues for the year, as the demand from the mega rich for luxury goods shows no signs of stalling despite the cost of living crisis.
The luxury watch seller reached revenues of £1.54bn up from £1.23bn compared to the same period last year, as it was bolstered by expanding its international network of showrooms, adding a total of 28 across the UK, US and Europe.
Despite a global economic downturn, the business said that the demand for designer watches remains strong, with the group reporting sales growth of 28 per cent year-on-year driven by a combination of increased average selling price as well as volume growth.
Adjusted EBITA was also hiked 24 per cent to £201m and statutory operating profits grew 26 per cent to £179m.
“Luxury watch demand remains strong and continues to outpace supply, with our client registration lists extending and average selling prices growing,” Brian Duffy, chief executive officer, said.
Thanks to its strong performance, Watches of Switzerland said it expects revenues in 2024 to grow between 8-11 per cent to £1.65-£1.70bn.
Duffy continued: “We enter FY24 significantly ahead of where we expected to be when we presented our Long Range Plan in 2021, and we look forward to presenting our Long Range Plan update, which will outline our growth ambitions beyond FY26 to FY28, in Autumn this year.”