Watches of Switzerland Group Continues Strong US Growth

By Adrienne Faurote February 5, 2021

Photo Credit: Watches of Switzerland Group

Watches of Switzerland Group, the premiere luxury timepiece retailer, showed continued growth in their recently released Q3 FY21 Trading Update in the US market. Despite the pandemic, they had high E-Commerce performance in both the US and the UK, with US revenue up +16.0% from the previous year.

Photo Credit: Watches of Switzerland GroupBrian Duffy, Chief Executive Officer, said, “We delivered another strong performance, driven by continued strong growth in the US and a surge in UK online sales, which mitigated the significant headwinds, the extended period of store closures and the continued very low level of international business in the UK. We continue to provide exceptional customer service during these unusual circumstances, making further enhancements to our customer relationship management, e-commerce, and clienteling capabilities through the introduction of our luxury concierge and collect service and the launch of our new virtual boutique. Our performance is underpinned by the strengths of our leading multi-channel business model and the uniquely attractive qualities of the luxury watch category, where demand continues to outpace supply. The experience of prior lockdowns in the UK has given our teams the tools to optimize commercial opportunities through online and clienteling, whilst in the US we are driving fantastic conversion levels with continued subdued traffic.

“With a strong plan for continued investment and future growth, we are well-positioned to further enhance our leading position in the UK and become a leader in the US luxury watch market.”

Photo Credit: Watches of Switzerlan.d GroupAmidst this steady growth, Watches of Switzerland Group successfully launched a mono-brand network of 8 boutiques: 2 Omega, 3 TAG Heuer, and 3 Breitling. They also saw strong growth in their Mayors Florida and Georgia locations, as well as both of their New York locations. US revenue is £86.5 million, +19.2% in constant currency, +16.0% in reported terms vs. last year.