Thursday 20 May 2021 9:28 am

Watches of Switzerland eyes first £1bn year after pandemic fails to dampen desire for posh watches

Appetite for posh watches and luxury jewellery has not waned during the pandemic, as Watches of Switzerland reported a group revenue increase of 18 per cent in its 2021 financial year.

Luxury watches at the company – the UK’s biggest Rolex retailer – were responsible for £788.4m in revenue, while luxury jewellery pulled in £60.8m.

The retailer’s UK market was particularly strong, with revenue for the year at £606.5m, while revenue from the US market stood at £298.6m.

Total group revenue was 17.9 per cent up on the previous year, at £905.1m.

The group shows no sign of slowing down, predicting group revenue to be above £1bn for its next financial year.

CEO Brian Duffy said: “Throughout the year we either met or exceeded our guidance despite the changing circumstances, in particular, the much longer-than-expected last lockdown in the UK. 

“In the UK, we delivered a very robust performance, overcoming a total of 26 weeks of store closures and hugely reduced travel and tourism business.  In the US, we generated an outstanding result with very strong momentum.

“Our guidance for FY22 reflects our confident outlook for the luxury watch and jewellery categories and the success of our modern, international and multi-channel model.”

The retailer’s share price fell 2.6 per cent this morning following publication of the group’s results.