Watches of Switzerland Group FY25 revenue rises amidst US growth

Watches of Switzerland Group PLC has reported a revenue of 1.7 billion pounds for the 52 weeks ended April 27, 2025, marking an 8 percent increase year-on-year at constant currency, with 16 percent growth in the US and 2 percent in the UK. This performance was significantly bolstered by an improved trading performance in the second half of the fiscal year, with Group revenue growing 12 percent compared to the prior year.

Adjusted EBIT also saw a healthy rise of 12 percent to 150 million pounds at constant currency, aligning with market expectations. While reported operating profit saw a slight decrease to 114 million pounds, the adjusted EBIT margin improved to 9.1 percent.

Brian Duffy, chief executive officer, highlighted the strong contributions from both key markets. "Our US business has continued its excellent momentum, surpassing $1 billion revenue for the first time, bolstered by the acquisition of Roberto Coin Inc.. The UK has returned to growth as trading conditions have stabilised. Our performance reflects our differentiated business model, with our scale and leadership in our chosen markets, supported by long-standing, collaborative partnerships with world-leading brands across luxury watches and luxury branded jewellery underpinning sustained growth," Duffy said.

Watches of Switzerland opens Rolex boutiques in the US

A highlight of the fiscal year was the opening of the new flagship Rolex boutique on Old Bond Street in London, which exceeded expectations. The Group also completed three major Rolex projects in the US across Texas, Florida, and Atlanta, in addition to opening a new Patek Philippe room in Connecticut and various other showroom expansions and upgrades. The integration of Roberto Coin Inc., a recent acquisition, is progressing positively. The luxury branded jewellery business continues to trade well, with strong potential identified in the growing US luxury branded jewellery market.

The Group's pre-owned business, including the Rolex Certified Pre-Owned programme, demonstrated strong performance in both the UK and US. Further bolstering its digital presence, Watches of Switzerland Group acquired Hodinkee, a leading global digital platform for luxury watch enthusiasts. Luxury watch revenue increased by 2 percent at constant currency, with strong demand for key brands. Luxury jewellery revenue saw a significant boost of 108 percent at constant currency, primarily driven by the Roberto Coin Inc. acquisition.

Watches of Switzerland plans further expansion in FY26

Looking ahead to FY26, Watches of Switzerland Group acknowledges the uncertain macroeconomic backdrop, geopolitical developments, and potential US tariff changes that could impact consumer confidence.

The Group is focused on executing its strategy and is optimistic about a pipeline of high-quality projects slated for FY26 including the Mappin & Webb Luxury Jewellery boutique in Manchester, the Audemars Piguet AP House in Manchester (a joint venture that opened in May 2025), and several new showroom openings, relocations, and expansions across both the UK and US.