Though luxurious watch revenues noticed a slight dip, primarily due to one-time rises in showroom shares, the corporate reported a rise in demand from the US.
Watches of Switzerland Group has revealed its first half monetary 12 months 2025 (H1 FY25) outcomes, for the 26 weeks ended 27 October 2024.
Group income for H1 FY25 got here in at £785m (€948.61m), a rise of three% from the identical interval final 12 months. Sturdy efficiency within the US balancing out a slight dip within the UK.
Nonetheless, adjusted earnings earlier than curiosity, taxes, depreciation and amortisation (EBITDA) fell to £87m (€105.12m), a drop of seven% from the identical interval final 12 months.
Statutory working revenue additionally plunged 23%, whereas statutory revenue earlier than tax fell 39%.
Luxurious watch revenues dropped 3%, primarily due to one-time rises in showroom shares within the first quarter of the monetary 12 months which primarily affected the US.
Group luxurious jewelry income excluding Roberto Coin dropped 6%, pulled down by US luxurious jewelry revenues, because the nation’s commodity bridal class struggled, with stock from the earlier 12 months being cleared throughout this time as properly. Nonetheless, the UK bucked this pattern, with luxurious jewelry income rising 4%.
Luxurious watches’ share of group income additionally fell, primarily due to Roberto Coin boosting jewelry shares.
Nonetheless, core manufacturers continued to see strong demand, with the classic and Licensed Pre-Owned divisions doing significantly properly.
Watches of Switzerland sells various luxurious watch manufacturers equivalent to Rolex, Patek Philippe and Breitling.
Brian Duffy, the chief govt officer (CEO) of Watches of Switzerland, mentioned of the H1 FY25 earnings report on the corporate’s web site: “Our newly acquired Roberto Coin enterprise in North America has traded strongly since acquisition and is now making a superb contribution to our Group.
“Integration is progressing properly, and development plans are underway. We’re additionally inspired by the efficiency of the Rolex Licensed Pre-Owned programme and the sustained development in our total pre-owned enterprise.
“Moreover, we acquired Hodinkee, a number one international digital platform for luxurious watch lovers, additional strengthening our on-line sector management. Q3 buying and selling has began encouragingly, and we’ve continued with our showroom transformation programme.”
Watches of Switzerland ties up with unbiased watchmarkers
To have a good time its 100-year anniversary, Watches of Switzerland has collaborated with unbiased watchmakers Craig and Rebecca Struthers, for a Centenary Piece Distinctive, which focuses on combining artistry and custom. The corporate has additionally launched different items to have a good time this milestone anniversary, such because the Serpenti Seduttori watch, in collaboration with Bulgari.
Craig Bolton, the president of the Watches of Switzerland Group UK and Europe, mentioned in a press launch on the corporate’s web site: “Having the chance to create a Watches of Switzerland timepiece to commemorate our 100-year anniversary is a brand new milestone for the enterprise and provides to the legacy of Watches of Switzerland. We’re honoured that esteemed unbiased watchmakers Craig and Rebecca Struthers had been capable of create this distinctive piece for the enterprise.
“They’ve created a timepiece that displays our shared values to protect the wealthy heritage of watchmaking, unifying conventional methods with trendy innovation. One fortunate consumer will have the ability to buy a bit of our historical past, courtesy of two of the most effective British watchmakers of our technology.”