As of April, Watches of Switzerland has more than 220 showrooms across the UK, US and Europe, including dedicated brand-only stores in partnership with brands such as Rolex, Omega and TAG Heuer.
The company recently reported a double-digit sales increase in the fourth quarter and a full-year revenue rise of 6 per cent. It hasn’t been all smooth sailing; however, with a 40 per cent decline in pre-tax profit.
Duffy said that despite the adverse economic climate, the company has continued to move from strength to strength over the past year.
“We cemented our position as a leading international luxury watch and jewellery retailer and delivered further market share gains in both the UK and US, driven by our proven, differentiated business model,” he said.
“In particular, our US business went from strength to strength, growing 11 per cent and will soon represent half of group sales.
“The UK market is starting to show signs of stabilisation. In FY24, UK and Europe sales were down 5 per cent, impacted by significant price increases overall at a time of reduced consumer confidence influencing discretionary spending, and we see these pressures easing in FY25.”
The company has maintained its guidance for the current financial year and described the outlook as 'cautiously optimistic'. Regarding long-range planning, Duffy said the mission is to double sales and profit by 2028.
In May, Watches of Switzerland acquired distribution rights for jewellery brand Roberto Coin in the US.
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