Watches of Switzerland today set out plans to open a new 7,200 square foot flagship Rolex shop in Mayfair after posting strong results for the first half of 2022.
The watch seller will relocate its Rolex Boutique from its current 900 square foot premises on Bond Street to new much larger premises down the road.
Watches of Switzerland chief executive Brian Duffy said the plans to open a new flagship store “reflect the importance of the London market and the special relevance of London to the history of Rolex.”
The plans come after Watches of Switzerland revenues surged 25 per cent over the first half of 2022, due to the release of pent-up demand following the lifting of Covid-19 restrictions.
Duffy said the “strong” financial results reflect the watch seller’s “distinctive business model” including its partnerships with top brands such as Rolex and its “leading store design”.
Watches of Switzerland’s revenues were bolstered by a 32 per cent surge in luxury watch sales that saw the firm generate £342m – a sum equivalent to 87 per cent of its entire revenues.
Luxury jewelry sales also increased by 36 per cent to £27m as ecommerce sales at the London listed retailer increased 14 per cent compared to last year.
The company’s chief executive said demand for the firm’s watches had remained “robust” over the first six months of the year despite the “macro-economic environment”.
An increase in the numbers of passengers travelling through airports would also boost Watches of Switzerland’s off-duty shopping business, the company said.