Luxury Retailer Watches of Switzerland Continues Its Major Expansion In The US—And There’s No Plan Of Slowing Down

Last week, Watches of Switzerland Group PLC (’the Group’) revealed its half-year financial results, yielding great success in the US market. For the 26 weeks to October 31st, 2021, the Group has grown its US performance at 66.7% since H1 FY20 and expects the momentum to catapult them into a strong holiday season. 

“I am delighted with our excellent first half-year performance,” says Brian Duffy, the Chief Executive Officer. “We introduced several initiatives and enhancements during difficult trading circumstances last year which have become permanent features of the business, enabling us to continue to maintain high engagement levels with our customers whilst providing an exceptional experience and delivering attractive returns. Our success in both the UK and the US has been a testament to our robust multichannel business model, the enthusiasm and commitment of our people, and the attractive dynamics of our category where demand continues to outpace supply.” 

Photo Credit: Beth Walsh

The company’s success also proves the strong demand for luxury watches and jewelry, with growth led by a significant increase in volumes of non-supply constrained brands. In the US alone, WoS acquired five new stores—Plano (Dallas), Vail, Aspen, Greenwich, and Minneapolis—which resulted in combined annual revenue of about $100 million, with future profitability expected to continue to grow at an exponential rate.

A lot of the achievements can be attributed to the brand’s dedication and consistent investment in marketing, stores, systems, and people. “Through a consistent investment programme, we have further strengthened the business, paving the way for continued success as we advance our Long Range Plan objectives to strengthen our luxury watch leadership in the UK, become the clear market leader in the US and capitalize on the growth potential in the EU market,” explains Duffy. 

Photo Credit: Courtesy of Watches of Switzerland

Looking ahead, the Group has some major expansion and growth plans; from continued investment in the Mayors network in Florida and Georiga through opening refurbished stores in Aventura Phase II, Florida and Boca Raton, Florida to more openings of Watches of Switzerland stores in the US in cities in key markets like New Jersey and Cincinnati. They also will be opening a refurbished Rolex boutique in Wynn Resort, Las Vegas.