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”.
