Goldsmiths Leicester

Watches of Switzerland Group’s sales for its 2021/22 financial year have shown “record” growth, its CEO said.

The company – which operates Watches of Switzerland, Goldsmiths and Mappin & Webb in the UK – today released its annual financial results worldwide. They account for the 52 weeks to 1 May 2022.

Growth in the US was expected for the retailer, given it is relatively new to the market.

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In the country its annual revenue grew from £299 million in 2020/21 to £428 million in 2021/22. This constitutes a 44% increase in turnover in one year.

(It is also worth noting that while its most recent financial year was 52 weeks, 2020/21 had an extra week, making these results even more impressive.)

What might be more surprising is that its UK growth almost matched that it achieved across the pond.

Sales went from £606 million to £810 million in the UK – a percentage growth of 34%.

Combined, the US and UK performance makes for a 37% annual growth globally, with sales increasing from £905 million to well over £1.2 billion.

One interesting takeaway from the report revealed that while watch sales were up 36% year-on-year, jewellery sales were up a massive 86%. This is surprising given the group’s increasing focus on the watch market.

Brian Duffy, chief executive officer, said: “This has been a tremendous year for the group, producing record sales and profits.

“It is particularly pleasing to have delivered this performance against such strong prior year comparatives, with the expertise and dedication of my colleagues proving invaluable.

“We are undoubtedly operating in a growing segment, but it is our distinctive and proven business model, the strength of our brand partnerships, our international scale, our bold marketing campaigns and our dedication to client service which sets us apart.

“Taken together, these inherent strengths have seen us attract new consumers and continuously gain market share, strengthening our position as the destination for luxury watches and luxury jewellery.

“Our sustained capital investment has continued to support our growth plans.

“We have seen a strong performance from our recently opened and refurbished showrooms in the UK and US, and we have big plans for our European business.

“In addition, I am pleased that a year on from launch, we have donated £4.5 million to The Watches of Switzerland Group Foundation, in order to support the communities in which we operate.

“We enter FY23 with strong momentum with consumer demand continuing to outpace supply, and within this environment, we are benefitting from our strength both in showrooms and online.

“Watches of Switzerland is uniquely positioned within a large and growing market, and we look to the future with confidence as we focus on capitalising on the considerable sustainable growth opportunities available to us.”

Read more about Watches of Switzerland’s expansion plans below:

THE BIG INTERVIEW: Goldsmiths stores to sparkle after nationwide glow-up

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