Watchfinder sales rise by 18% but losses persist
Watchfinder & Co., a pre-owned watch business owned by Richemont, has reported an 18% increase in sales, reaching £110 million for the 2024-25 financial year, reversing a trend of declining sales that began in 2021. The UK remains its largest market, generating £93 million, while sales from the rest of Europe and worldwide contributed £5.1 million and £11.7 million respectively. Despite this sales growth, the company continues to face significant challenges, posting an operating loss of £12.6 million and accumulating losses of £37 million over the past three years. The company attributes its struggles to price volatility in the pre-owned watch market and a difficult economic climate in the UK. However, being part of Richemont provides a level of stability that competitors lack. Watchfinder aims to strengthen its brand positioning, increase brand awareness, and expand its global presence, maintaining its status as the market leader for luxury pre-owned watch sales in the UK despite the ongoing challenges.
