Watches of Switzerland, run by Scots CEO, defies consumer gloom with strong sales growth

Watches of Switzerland, the luxury time-piece retailer fronted by Scots-born chief executive Brian Duffy, has seen annual profits jump 76 per cent and forecast further strong sales over the year ahead as it moves further into jewellery.

The group, which sells high-end watches from the likes of Rolex and Omega, reported pre-tax profits of £133 million for the year to May 3, up from £76m the previous year. Annual sales lifted 13 per cent to £1.83 billion, with growth of 24 per cent in the US helping offset tougher trading in the UK and Europe, where revenues rose a more modest 5 per cent.

Duffy, who hails from Glasgow, told investors: “We see a substantial runway for long-term growth, in both revenue and profit. The US represents a major opportunity, with considerable potential for further growth and market share gains.

A Watches of Switzerland store.

“In our home market, the UK, the trading backdrop is showing encouraging signs of improvement, and I would like to thank our teams across the US and UK for the outstanding service they continue to provide to clients.

“With a leading position in the UK, a strengthening presence in the US, long-standing brand partnerships and a clear pipeline of opportunities, we are well placed for the next phase of profitable growth,” he added.

Watches of Switzerland, which ranks as Britain’s biggest retailer of Rolex, Cartier, Omega, TAG Heuer and Breitling watches, is expanding into luxury jewellery, with its first jewellery showroom opening recently with the Mappin & Webb boutique in Manchester.

“This marks an important step in the development of our jewellery strategy and reflects our confidence in the long‑term opportunity in this category,” the group noted.

It has also launched a lab-grown diamond offering in the UK through its Goldsmiths brand to tap into the boom in demand for the gems, which the firm said was “resonating with consumers”.

The firm saw luxury jewellery sales jump by 17 per cent in 2025-26 after notching up growth of 12 per cent in the UK and 26 per cent in the US.

As well as Roberto Coin, the group has the house jewellery brands of Goldsmiths, Mappin & Webb, Mayors and Betteridge.

Watches of Switzerland is forecasting further group-wide sales growth over the new financial year, with revenues expected to rise by between 5 per cent and 10 per cent.

Trading in the first ten weeks of the financial year has been “encouraging”, the group said.

“Whilst we remain mindful of the geopolitical environment, we have carried good US momentum into the new year and see encouraging signs the UK market is improving,” it added.

Dan Coatsworth, head of markets at investment platform AJ Bell, noted: “Is it takeover time for Watches of Switzerland? Strong gains in profit and cash flow, a leading position in the UK, and clear growth opportunities in the US all point to a business in fine health.

“It’s no wonder the rumour mill is running red-hot on bid speculation, with private equity and industry players potential buyers.”

The Big Interview: Watches of Switzerland chief executive Brian Duffy