3 September 2024
Watches of Switzerland Group PLC
Trading Update
Trading in line with expectations; on track to deliver FY25
guidance
Trading for the first 18 weeks of the financial year has been in
line with our expectations. We are on track to deliver our FY25
guidance as we make progress against our Long Range
Plan.
Demand for our key luxury brands, particularly products on
Registration of Interest lists, remains strong in both the UK and
US markets, outstripping supply, with consistent additions and
conversions. Over the period, we have seen continued
stabilisation of the UK market in both luxury watches and jewellery
following a period of challenging macroeconomic conditions in the
prior financial year. In the first half of FY25, we are increasing
showroom stock levels in the US to enhance displays and client
experience. As previously indicated, we expect US growth to be
second half weighted.
Following the acquisition in May 2024, the integration of Roberto
Coin Inc. is progressing to plan. We have received positive
feedback from the network of retail partners, and sell-out data is
encouraging. Looking ahead, we are working closely with our new
colleagues on exciting growth plans for the US market. We intend to
grow and develop the Roberto Coin brand and are actively
negotiating new mono-brand boutiques in the US, alongside
concession models with department store partners. In addition,
luxury branded jewellery has also performed well globally, and we
are pleased to announce the exclusive launches of David Yurman and
Repossi in the UK. We have made good progress on our Manchester
luxury jewellery boutique, and it is anticipated this will open in
April 2025. This boutique will be the exclusive retail partner for
a number of luxury jewellery brands outside of London.
We have continued with our showroom development programme, with the
opening of Mappin & Webb Edinburgh and the new 2,000 sq. ft
Patek Philippe room in Betteridge Greenwich, Connecticut. We have
made good progress on key projects due to open in the second half
of the year. These include the new flagship Rolex boutique Old Bond
Street, London (March 2025), Audemars Piguet Townhouse, Manchester
(Q4 FY25), conversion of Mayors Lenox, Atlanta to a Rolex boutique
(Q3 FY25) and the expansion of Watches of Switzerland Plano, Texas
to include a new Rolex agency (Q3 FY25).
Based on current trading, confidence of supply in both markets,
increased certainty on the timing of key showroom projects, and
visibility of new product launches, we have confidence in
delivering our FY25 guidance as set out at the FY24
results.
Reporting timetable
Half Year Results: 5 December 2024
Contacts
The
Watches of Switzerland Group
Anders Romberg, CFO
+44 (0) 207
317 4600
Caroline Browne, Group Finance and
Investor Relations Director
+44 (0) 116 281
7420
investor.relations@thewosgroup.com
Headland
Lucy Legh / Rob Walker / Joanna
Clark
+44 (0) 20 3805
4822
wos@headlandconsultancy.com
About the Watches of Switzerland
Group
The Watches of Switzerland Group is
the UK's largest luxury watch retailer, operating in the UK, US and
Europe comprising six prestigious brands; Watches of Switzerland
(UK and US), Mappin & Webb (UK), Goldsmiths (UK), Mayors (US),
Betteridge (US), and Analog:Shift (US) with a complementary
jewellery offering. From 8 May 2024, the Group also owns the
exclusive distribution rights for Roberto Coin in the USA, Canada,
Central America and the Caribbean.
As at 3 September 2024, the Watches
of Switzerland Group had 221 showrooms across the UK, US and Europe
including 96 dedicated mono-brand boutiques in partnership with
Rolex, OMEGA, TAG Heuer, Breitling, TUDOR, Audemars Piguet, Grand
Seiko, BVLGARI and FOPE and has a leading presence in Heathrow
Airport with representation in Terminals 2, 3, 4 and 5 as well as
seven retail websites.
The Watches of Switzerland Group is
proud to be the UK's largest retailer for Rolex, OMEGA, Cartier,
TAG Heuer and Breitling watches.
www.thewosgroupplc.com