Watches of Switzerland has reported strong trading in the United States, despite the Trump administration’s levelling of increased tariffs on Swiss imports.
In a trading update for the 18 weeks to August 31, 2025, issued ahead of the luxury retailer’s AGM, Watches of Switzerland said it was on track to deliver a good first half, in line with its expectations.
It noted “consistently strong trading” in the period, “particularly in the US”, despite the increased tariffs.
Watches of Switzerland also said the “stability” it saw in the UK luxury watch and jewellery markets in the second half of the last financial year had continued – helping the retailer deliver “good year-on-year growth”.
During the period, the business opened a Rolex Boutique flagship on Old Bond Street in London, which it said is “exceeding our expectations” in both trading and footfall.
Ecommerce sales for the brand have “also shown good growth”, particularly in the US, after the retailer updated its American website.
Watches of Switzerland also said its pre-owned business “is growing well in both markets and we see significant opportunity for growth” in the category.
In terms of outlook, the company said its performance both in the UK and the US was “encouraging and in line with FY26 guidance”.
It added: “We do not anticipate any material impact from the US tariffs in H1 FY26 as brand partners have increased inventories as shown by Swiss watch exports in July 2025” – which were up 45% year-on-year.
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