Luxury watch retailer sees revenues soar

Leicester-headquartered Watches of Switzerland has reported strong growth in its first half, with revenues up by almost a quarter.

The firm says that group revenue came in at £765m for the six months to October 30 – up from £586m last year, powered mainly by stellar growth in the luxury watches market.

Watches of Switzerland also reported “continued strong momentum” in the US, with revenues up by 60% to £311m.

Brian Duffy, chief executive officer, said: “The first half of the year has been a busy period of new showroom openings – including five showrooms at the iconic Battersea Power Station in London and additional mono-brand boutiques across the UK, US and now Europe – together with showroom refurbishments as we continue to invest to elevate the luxury experience for our clients.

“Our strong H1 performance underpins our full year guidance, which we have upgraded to reflect the benefit of foreign exchange movements. Looking ahead, we remain confident in our Long Range Plan objectives, supported by a strong pipeline of expansionary projects as we continue with our strategy of investing for growth.”