Despite significant headwinds, iconic luxury maker Watches of Switzerland said it posted record sales for the financial year.
Earlier this week, the group announced that overall revenue increased by 37% compared to 2021, despite the continued impact of the COVID pandemic.
Sales in the US market increased by 44% to a total of £428 million (A$753 million). The UK rose 34% to £810m (A$1.425bn).
Brian Duffy, CEO of Watches of Switzerland, said: “It has been a great year for the group, which has achieved record sales and profits.”
“It is particularly pleasing to have achieved this performance against such strong comparisons from the previous year, with the expertise and dedication of my colleagues proving invaluable.”
Duffy attributed the strong sales performance to the expansion of the group’s retail network, including the opening of flagship stores in the United States with 23 multi-brand stores and 17 single-brand stores.
In the United Kingdom, Watches of Switzerland opened 18 new stores and completed the renovation of 17 existing stores.
“We enter the next fiscal year with strong momentum as consumer demand continues to outpace supply, and in this environment we are benefiting from our strength both in showrooms and online,” he said. -he declares.
He added that the company is “uniquely positioned in a large and growing market”, noting that they are confident in maintaining the momentum of the business for the year ahead.
Watches of Switzerland Group is a luxury watch and jewelry retailer that operates 171 stores in the United States and United Kingdom. The group is the largest retailer of luxury brands Rolex, Omega, Cartier, TAG Heuer and Breitling.
Strong sales for luxury watch retailer; 41% increase
Fall in luxury watch prices, drop in sales in the United States
The watch industry: unification or division?