Scottish luxury jewellery and watch retailer sets out 2024 plans after sales hike

First year since 2020 that firm has not felt any direct effects financially from the pandemic.

Laings runs stores in Cardiff, Edinburgh, Glasgow, pictured above, and Southampton.

Scottish jewellery and watch retailer Laings is to reinvest millions into its growth plans after booking healthy full-year figures.

The family-owned firm’s latest accounts, for the year to May, reveal a 5 per cent increase in turnover to £63.3 million. The profit before tax generated of £3.7m will be reinvested back into the business to support its 2024 ambitions, as well as attracting and securing additional “skilled talent”. Glasgow-based Laings said it was the first set of results in a couple of years where the pandemic had not had a direct impact.

As part of the development of the Rowan House building on Buchanan Street in Glasgow, the firm invested in the creation of a Rolex accredited watch workshop. It opened in late spring 2023, allowing customers’ timepieces to be serviced in-house by highly skilled craftspeople.

After building up a loyal customer base in Southampton, this year saw the retailer fit out and open a new, larger showroom in the city’s Westquay Shopping Centre. In Edinburgh, the watch floor within the group’s showroom on George Street was redesigned to offer clients a further “enhanced environment” to view luxury watch brands, including Rolex and Cartier.

Over the coming year, Laings will progress the roll out of its programme of investment across all four cities in which it is based - Cardiff, Edinburgh, Glasgow and Southampton. Plans include the opening of a new multi-floored flagship showroom in Rowan House, a new TAG Heuer showroom and the expansion and development of its George Street showroom into 2025.

Chief executive Joe Walsh said: “This has been the first year since 2020 that we have not felt any direct effects financially from the pandemic. As a luxury jeweller, we continue to focus on the importance of a bricks and mortar presence for several reasons. Showrooms allow our clients to see and feel each individual piece, steeping themselves in the rich and traditional history and expertise of our business and that of our prestigious partners.

“It is vital that we continue to invest for the future, making our physical assets as enticing and engaging as possible. Our online experience has also improved this year.”