Watchfinder sales rise by 18% but losses persist
Watchfinder & Co., owned by Richemont, has reported an 18% increase in sales, reaching £110 million ($147 million) for the 2024-25 financial year, marking a reversal from previous declining trends since 2021. The UK remains the company's largest market, contributing £93 million ($124 million), while Europe and the rest of the world generated £5.1 million ($6.8 million) and £11.7 million ($15.7 million), respectively. Despite this growth, Watchfinder continues to face significant challenges, reporting an operating loss of £12.6 million ($17 million) for the latest financial year and a cumulative loss of £37 million ($49 million) over the past three years. The company attributes its struggles to price volatility and a challenging economic environment in the UK, which have impacted trading results. However, being part of Richemont provides Watchfinder with a level of security that competitors lack. Looking forward, the company aims to enhance its brand positioning and awareness while expanding its presence in key global markets, despite the ongoing difficulties in the pre-owned watch sector.
