Watches of Switzerland will open a new flagship Rolex store

Watches of Switzerland Group has announced plans to open a new 7,200 square foot Rolex flagship boutique in London’s Mayfair in 2023.

The new store will see the products of the group current 900 square foot Rolex boutique on Bond Street moves to Old Bond Streetaimed at reflecting the importance of the London market and the city’s relevance in the history of Rolex.

The announcement coincides with the group’s financial results for the first quarter ended July 31, 2022, which showed a 25% increase in revenue at constant currency to £391m.

Income for the luxury watch segment grew 32% to £342m, representing 87% of the group’s turnover. Luxury jewelery turnover increased by 36% to £27m.

Watches from Switzerland UK and Europe revenue increased 8% to £239 million, driven by a resilient and strong domestic customer base across the UK. Continuous improvement has been seen in its airport operations as the travel industry recovers.

The band also reported “continued strength” in their online sales, up 14% over last year at published rates with continued investment in its multi-channel strategy.

In anticipation of FY23, Watches of Switzerland expects group turnover of between £1.45 billion and £1.5 billion.

Brian Duffy, CEO of Watches of Switzerland Group PLC, said: “The first quarter continued with strong momentum, and we are continuing this positive momentum in the second quarter. Despite well-publicized macro-environment concerns, demand for our products remains robust, with customer sign-up on interest lists continuing to expand.

“In a large, diffuse and growing market, we benefit from our distinctive business model – namely our investment in leading store design, the strength of our brand partnerships, our international scale, our bold marketing campaigns , our advanced systems technology and our dedication to customer experience.

“We continue to focus on attracting new customers and growing our market share in the UK and US. We have seen the first positive results of our expansion in Europe. As we continue to invest in our multi-channel model and new incremental projects, we remain confident in our long-term plan.”

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