Watches of Switzerland Group delivered a Q3 trading update on Thursday with the high-end watches and jewellery specialist saying the 13 weeks to 26 January were “in line with expectations” and it’s “on track to deliver FY25 guidance”.
Trading over the festive period in both the UK and US was “good” and demand for its key luxury brands, particularly products on Registration of Interest lists, “remains strong, outstripping supply in both the UK and US markets”.
It added that it continues to be “encouraged by the performance of our pre-owned businesses and the strong performance of the Roberto Coin brand in North America”.
Over the period, it also saw “further stabilisation of the UK market in both luxury watches and jewellery, while the US market has seen continued momentum”.
And it believes its “differentiated business model, alongside the continued investment in our showroom portfolio, has driven market share gains in both the UK and US”.
The integration of the recent acquisitions of Hodinkee and Roberto Coin Inc is “progressing well, and we are advancing a number of incremental growth plans with these businesses”.
It has also continued its showroom development programme, with the opening of the relocated and expanded Mayors Tampa, Florida and Betteridge Vail, Colorado showrooms in December.
Key projects for this year include the introduction of new Rolex agencies to its relocated showrooms of Watches of Switzerland Plano, Texas and Mayors Jacksonville, Florida, alongside the conversion of the Mayors Lenox, Atlanta showroom to a 3,000 sq ft Rolex boutique.
At the beginning of March it will open the new flagship Rolex boutique on Old Bond Street, London “which will be a major destination for Rolex in the UK market”.
UK-based disruptive waste management and recycling business MyGroup has launched a sustainable textiles project in Sri Lanka to reintroduce cotton cultivation and establish a materials recycling hub to help tackle the country’s ocean waste issue.
MyGroup has a 30 year history in recycling – MyGroup- Facebook
The sustainable textile production and manufacturing proof-of-concept will be spearheaded by the business’s ReFactory arm and focus on community building, MyGroup announced in a press release. Extending across the four Sri Lankan provinces of North West, North Central, Uva, and Eastern, the project is designed to reintroduce cotton cultivation in Sri Lanka for the first time since the 1970s.
“As the seeds are planted– both literally and figuratively– on our Sri Lanka project, MyGroup is forging a new path for planet-friendly textiles production that supports skilled artisans, particularly women, working in traditional local labour settings, while preserving the rich cultural heritage of this wonderful country,” said MyGroup’s director Steve Carrie in a press release. “Together with our drive to rid the country’s beaches of waste plastic, we hope to create long-term, positive change in communities and natural ecosystems, while creating products with a story– unlocking new commercial opportunities in markets where authenticity, sustainability and social impact drive consumer choice.”
For the textiles focused portion of the project, MyGroup’s ReFactory has joined forces with global non-profit consultancy firm Fibershed’s Sri Lankan arm. The initiative has also committed to employing and fairly compensating local artisans and workers
“We at Fibershed Sri Lanka warmly welcome international brands to collaborate with us in revitalising the nation’s textile and fashion heritage,” said Fibershed Sri Lanka’s founder Thilina Premjayanth. “Our partnership with MyGroup exemplifies our commitment to a broad spectrum of innovative projects that prioritise climate-beneficial regenerative agriculture, sustainable practices and community empowerment. Together, we aim to create a global benchmark for ethical, eco-friendly production, while supporting local artisans and preserving Sri Lanka’s rich cultural legacy.”
January footfall to stores is usually unimpressive in the UK, despite the allure of the clearance sales. But there was a surprise on Thursday when tracking specialist MRI Software said it rose year on year for the first time since 2016.
Photo: Pexels
It will be intriguing to see what other footfall reports for the period say given the slightly different date ranges and other methodologies trackers use.
That January 2016 date might be significant given that it was the year we’d see the Brexit referendum, followed by the pandemic so it’s perhaps not unexpected that visitor traffic to stores has been sluggish in multiple months across the year since then (apart from some odd spikes linked to the rush after lockdowns were eased, with such figures often factored out given their exceptional nature).
So what actually happened last month — or more accurately, what happened in the five weeks from 29 December to 1 February?
Footfall rose 1.4% compared to last year in all UK retail destinations, led by a 1.8% boost in shopping centres (we’ve already heard a raft of malls hailing strong results so that’s not a shock). That was joined by a 1.4% rise in retail parks, and 1.1% in high streets. As mentioned, this is the greatest year on year increase seen (outside of the pandemic era) since January 2016 when footfall rose by 1.2% for the same period.
Admittedly, month on month footfall declined by 20.8% in all UK retail destinations, but that aligns with historical trends observed each January following the festive season.
Weekday footfall in January rose 1.6% year on year in January but weekend footfall declined by 3.5%. This is particularly important as it could be an indicator of many more employees returning to offices throughout the month and so providing the weekday boost not seen for since before Covid disrupted the retail sector.
MRI Software’s Central London Back to Office benchmark revealed a 1.4% uplift in January footfall year on year driven by a 4.4% rise during the early evening period (5pm-8pm). Weekday footfall in office-dense locations within London rose by 4% compared to January 2024.
The firm’s Consumer Pulse report revealed that evening shopping (post 5pm) is the most common time for office workers to visit retail destinations with around 34% choosing to do so.
On days when employees work from the office, 31% of respondents stated they visit high streets during lunch hours, the highest among all destinations, highlighting their proximity and convenience during work breaks.
Tuesdays, Wednesdays, and Thursdays see the highest overlap in office work and shopping activity, with 58% of respondents attending work weekly on Tuesdays and aligning retail visits for midweek convenience.
The fact that Mondays and Fridays don’t figure strongly here underlines that many people still work from home for one or two days a week.
The weather may have been a factor too. Despite some bad weather across the UK, new figures say that globally January was warmer than expected so perhaps some brave souls ventured out because the usual snow and heavy rain might not have been quite as heavy as in other years.
As for the future, anyone shopping in the next few weeks might be disappointed by higher prices. The Autumn Budget is starting to impact retail strategies as almost 40% of retailers surveyed in MRI Software’s weekly ‘Insights from the Inside’ poll revealed they were planning to increase product prices over the next month.
The Gore-Tex brand has unveiled what it says is the “next step in its commitment to keeping its outerwear in action for longer” in a UK link-up with United Repair Centre (URC).
Gore-Tex/United Repair Centre
The repair specialist has been added to its roster of authorised repair centres, based on Gore-Tex’s principle that “the most sustainable piece of clothing is the one you already own”.
It’s aiming to reduce the footprint of each item of clothing and limit material waste in the fashion and outdoor industries.
The partnership with London-based URC works via a four-step process with the customer asked to provide more info about the product and the repair request. They’ll then receive a cost estimate based on these details. Next, the repair is booked and the customer sends in their Gore-tex item(s).
Once received, the product undergoes an evaluation and necessary repairs are completed within five days. Finally, the customer will receive an email notification when the product is ready to be returned.
It comes as more and more brands introduce repair services as part of their overall approach to sustainability. Just a couple of months ago, for instance, Save Your Wardrobe (SYW) — an AI-powered wardrobe management app — and URC announced they were collaborating, with the latter becoming the service partner on the former’s dedicated platform, “offering consumers and brands easy-to-book repair and care services”.
And a few months before that, retail giant M&S launched a dedicated clothing repair service in partnership with Sojo, while John Lewis launched a repair trial in a deal with Timpson Group.
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