Watches of Switzerland sales rise 10% in H1 to £845 million
Watches of Switzerland Group reported a 10% increase in sales, reaching £845 million for the first half of the year ending October 26. A significant 20% growth in the US market offset a modest 2% rise in the UK, highlighting the resilience of the luxury watch sector despite economic challenges. CEO Brian Duffy noted that the company’s flagship Rolex boutique in London exceeded expectations, and expansions included a new AP House in partnership with Audemars Piguet and the reopening of a historic showroom in Newcastle. Profit margins have slightly decreased compared to the previous year, yet shares have risen by 6% following the announcement. The company anticipates full-year sales between £1.75 billion and £1.8 billion for the 2026 financial year, reaffirming confidence despite the impact of recent tariffs on Swiss watches in the US. Growth in the jewellery segment and the second-hand market, particularly Rolex Certified Pre-Owned, indicates a strategic shift to diversify revenue streams and reduce reliance on new Rolex sales.
