The London-listed group said it had seen ‘further stabilisation’ of the market in the UK thanks to good trading over the crucial festive quarter.
Rolex retailer Watches of Switzerland has hailed a robust festive season for the group as it cheered further signs of a recovery in the luxury watches and jewellery market.
The London-listed group said it had seen “further stabilisation” of the market in the UK thanks to “good” trading over the crucial festive quarter to January 26.
It comes after a difficult past couple of years, which saw cost-of-living pressures knock discretionary spending on luxury goods.
Watches of Switzerland (WoS) – the UK’s biggest seller of Rolex and Omega watches which has 221 showrooms across Britain, the US and Europe – said the American market has also seen “continued momentum”.
WoS said: “Given our trading performance over the first nine months of the fiscal year, visibility of supply in both markets, certainty on the timing of key showroom openings, and expectations of new product launches, we remain confident in delivering our 2024-25 guidance.”
WoS is expanding significantly into the US market, which it hopes will soon make up half of all group sales.
It is integrating its recent Robert Coin acquisition in the US while increasing showroom stock levels in America and looking to open new stores in the country.
In the UK, the group is set to open its flagship Rolex boutique in Old Bond Street in London, which it hopes will be a “major destination for Rolex in the UK market”
Retail expert David Hughes at Shore Capital said: “Given the worsening views on the economic outlook of the UK, and a number of recent profit downgrades from retailers following a softer seasonal period, a report of good trading and maintained 2024-25 guidance should reassure.”
