Watches of Switzerland revenues surge to £1.6bn in FY2025
Watches of Switzerland group has reported an 8% enhance in revenues to £1.6bn for the 52 weeks ended 27 April 2025, as its US enterprise surpassed $1bn (£780m) in annual income for the primary time.
US revenues rose 16%, pushed by the acquisition of Roberto Coin Inc, whereas UK revenues grew 2% to £866m.
The acquisition additionally contributed to a 106% enhance within the group’s luxurious jewelry income. Luxurious branded jewelry delivered sturdy double-digit progress.
On an underlying foundation and with forex actions stripped out, earnings rose 12% to £150m, however pre-tax income slipped 18% to £76m.
Income from luxurious watches grew simply 1%, although the corporate stated demand for key manufacturers, significantly these on Registration of Curiosity lists, remained sturdy and continued to outstrip provide in each the US and UK.
Licensed pre-owned and classic watches additionally carried out nicely, with Rolex Licensed Pre-Owned changing into the group’s second largest luxurious watch model equal.
Because the group enters the 53 weeks of its 2026 monetary yr, it expects fixed forex income progress of 6% to 10%. Adjusted EBIT margin is projected to stay flat or decline by as much as 100 foundation factors yr on yr.
The group famous that Trump-era tariffs – which impose a ten% levy on non-US luxurious items together with Swiss watches – have prompted some model companions to implement mid-single-digit worth will increase within the US and to cut back the margin proportion for his or her authorised distribution networks.
Watches of Switzerland said that it stays targeted on delivering its technique and highlighted a “sturdy pipeline of high-quality initiatives” set to open within the UK and US in FY2026.
Brian Duffy, chief government of Watches of Switzerland, stated: “I’m happy with the sturdy efficiency our workforce has delivered, underpinned by a big buying and selling enchancment in H2 FY25 with group income +12% vs prior yr. Our US enterprise has continued its wonderful momentum, surpassing $1bn (£780m) income for the primary time, bolstered by the acquisition of Roberto Coin Inc.
