All Watches of Switzerland articles
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NewsWatches of Switzerland clocks up rise in profits as store expansion drives sales
Watches of Switzerland has registered a spike in profits as its investments in new showrooms and store refurbishments bore fruit.
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Prospect Analysis
Watches of Switzerland Group (SWOT)
In the UK, sales of luxury watches were up 33% year on year in FY2021, while luxury jewellery sales increased 71%, showing that demand for these high-end products show no signs of waning. The group’s luxury brands are coveted by an affluent clientele that is likely to feel less impact from the increasing costs of living as inflation and interest rates continue to rise.
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Prospect Analysis
Watches of Switzerland Group (Outlook)
Despite the looming threat of recession, the group continues to invest in new showroom openings and growing its market share in the UK and US, as well as pushing ahead with European expansion. Its early focus on the Nordic countries and Ireland was kicked off with the opening of a Breitling boutique in Stockholm in June 2022. Group CEO Brian Duffy is taking the same approach to Europe as he did with the US strategy – expanding through acquisitions, ecommerce and store revamps.
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Prospect Analysis
Watches of Switzerland Group (People)
Brian Duffy was appointed CEO of the Watches of Switzerland Group in 2014 and set about transforming the business through a five-year transformation programme that culminated in its IPO on the London Stock Exchange. He is now focussed on European expansion and consequently, the group has recently made some key promotions for the region.
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Prospect Analysis
Watches of Switzerland Group (Financials)
Watches of Switzerland hailed “record sales” as group sales increased by more than a third (+36.8%) on a reported basis to £1.24bn in the year to 1 May 2022 (FY2021) as demand for luxury watches and jewellery remained strong in both the UK and US markets.
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Prospect Analysis
Stores at Watches of Switzerland Group
As well as its multi-brand showrooms – the eponymous Watches of Switzerland, Mappin & Webb, Goldsmiths, Mayors and Betteridge – its portfolio also includes more than 50 mono-brand boutiques, which it operates on behalf of Omega, Rolex, TAG Heuer, Tudor and Breitling in both UK and US markets, and Fope in the UK, as well as Audemars Piguet, Grand Seiko and Bulgari in the US.
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Prospect Analysis
Technology strategy at Watches of Switzerland Group
The Watches of Switzerland Group’s IT systems are based on a single SAP platform that powers a range of functions including: showroom point of sale, CRM, live inventory availability and operations.
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Prospect Analysis
Ecommerce at Watches of Switzerland Group
Watches of Switzerland’s multichannel strategy includes seven websites across the UK and US. Its first ever transactional website (goldsmiths.co.uk) launched in 2005.
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Prospect Analysis
Customer and marketing at Watches of Switzerland Group
Watches of Switzerland Group hails its bold marketing campaigns for having strengthened its position “as the destination for luxury watches and luxury jewellery”. The retailer has stated that its “editorial content across watches and jewellery provides an authoritative voice within our market”.
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Prospect Analysis
Supply chain at Watches of Switzerland Group
The Watches of Switzerland Group has stated that it “operates in a supply-constrained environment” and as it entered FY2022, boss Brian Duffy said consumer demand continues to “outpace supply”.
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Prospect Analysis
Watches of Switzerland Group (Overview)
The extensive physical coverage of luxury watch and jewellery retailer the Watches of Switzerland Group comprises some 130 showrooms across the UK, around 40 in the US and less than a handful in the Nordics, consisting of both mixed-brand showrooms and single-brand boutiques.
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Prospect Analysis
Watches of Switzerland Group (Strategy)
The Watches of Switzerland Group has an enviable portfolio of luxury watch brands, complemented by a growing luxury jewellery offering, which it sells in modern and luxurious showrooms and online, priding itself on the expertise of its employees and high levels of customer service.
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News
Watches of Switzerland sales surge as luxury demand ‘remains robust’
Watches of Switzerland has posted a spike in sales and unveiled plans for a new London flagship as demand for its luxury products “remains robust”.
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Deep dive
Deep dive: After Bank of England’s horror warning, is your business recession-ready?
Soaring energy prices, growing inflation and nose-diving consumer confidence present a perfect storm for retailers in 2022. What can be done to weather it?
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News
Watches of Switzerland hails ‘strong momentum’ as profits surge
Watches of Switzerland has clocked up a surge in profits and insisted it has built “strong momentum” as it bounces back from the coronavirus crisis.
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News
Watches of Switzerland boss slams UK VAT rules and favours EU expansion
Watches of Switzerland chief executive Brian Duffy has called on the government to reverse the “mistake” of ending duty-free shopping benefits in the UK.
