TAG Heuer, Hublot and Zenith sales slide by 28% in the UK
In the UK, sales for TAG Heuer, Hublot, and Zenith experienced a significant decline of 28% in 2024, dropping to £87 million. The decline is attributed to various economic challenges, including inflation, high mortgage costs, and increased utility bills, which have adversely affected consumer confidence. The overall luxury market faced a squeeze, exacerbated by the impact of Britain's Tourist Tax on spending from wealthy visitors. Operating profit for LVMH Watch & Jewellery (UK) Ltd also plummeted by 62% to £3.6 million, marking a 36% decrease in sales over the past two years. Despite the struggles faced by LVMH, other luxury watch companies showed resilience during the same period. Rolex, including Tudor, recorded a 2.4% increase in sales, reaching £702 million, while Patek Philippe and Audemars Piguet saw their UK turnovers rise by 12.4% and 7%, respectively. In contrast, the Swatch Group's performance mirrored LVMH's, with a 12% decline in UK turnover. Overall, while LVMH's performance was disappointing compared to its competitors, the broader market showed signs of recovery, with a 4% increase in total watch sales value in the UK from January to September 2025.
