THE RETAIL BULLETIN - The home of retail news
Click here
Home Page
News Categories
Commentary
CX
Department Stores
Desert Island Stores
Electricals and Tech
Entertainment
Fashion
Food and Drink
General Merchandise
Grocery
Health and Beauty
Home and DIY
Interviews
People Matter
Retail Business Strategy
Property
Retail Solutions
Electricals & Technology
Sports and Leisure
TRB conference review
Christmas Ads
Shopping Centres, High Streets & Retail Parks
Uncategorized
Retail Events
People in Retail Awards 2024
Retail Ecom North
Retail HR North 2025
Retail Omnichannel Futures 2025
Retail HR Central 2025
The Future of The High Street 2025
Retail Ecom Central
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Watches of Switzerland benefits from strong UK sales

Watches of Switzerland saw its group revenue rise by 96.2% to £297.5 million in its first quarter after it benefited from strong trading in the UK…. View Article

FASHION RETAIL NEWS UK

Watches of Switzerland benefits from strong UK sales

Watches of Switzerland saw its group revenue rise by 96.2% to £297.5 million in its first quarter after it benefited from strong trading in the UK.

In the three months to 1 August, the company achieved high conversion and good domestic sales despite subdued footfall in its stores. Luxury watches were particularly popular with sales up  97.1% to £259.3 million to account for 87.1% of revenue.

Online sales also rose, climbing by 15.9% year-on-year, as digital marketing, CRM and “clienteling” helped to drive strong customer engagement.

Brian Duffy, Watches of Switzerland chief executive, said: “We have had a very good start to the new financial year with a further acceleration in momentum, versus pre Covid-19 pandemic growth levels, underpinned by diversified growth across our markets and categories.

“Trading in the UK has been extremely strong, driven by sustained high demand from domestic clientele. Our newly opened and refurbished stores have performed well, whilst our ecommerce business has also continued to grow impressively, proving the effectiveness of our multi-channel model despite the strong prior-year comparator.”

Looking ahead, Watches of Switzerland said its strong performance in the UK and US gives it confidence in its outlook for the remainder of the financial year. The company is planning to roll out more Goldsmiths Luxury elevated store formats and open new Watches of Switzerland stores in Battersea, Cincinnati and New Jersey.

Duffy added: “We will continue to invest for growth and to advance our strategy to further enhance our leading position in the UK and become a leader in the US luxury watch market.”

Working in retail marketing? Then why not join us at our free Future of Retail Marketing event on 15 September. Find out more and secure your place here

 

Subscribe For Retail News