The Watches of Switzerland Group is going public on the London Stock Exchange, the company announced ahead of today’s trading day.
It is the largest luxury watch and jewellery retailer in the UK with a market share of 35%, according to the announcement.
Turnover was £746 million in the twelve months to 27 January 2019, including sales from 21 stores in the United States.
The group’s last published accounts at Companies House showed sales of just under £700 million for the 2017-18 financial year.
The Watches of Switzerland Group owns Goldsmiths, Mappin & Webb, Watch Shop, Watches of Switzerland and the Watch Lab in the UK.
In the United States it has opened three multi-brand stores under the Watches of Switzerland name in Las Vegas and New York. It also owns Mayor’s in Florida, a major multiple with 18 stores, most of which have Rolex as an anchor brand.
Rolex has been central to the dramatic growth of The Watches of Switzerland Group in recent years. Complementary to its luxury watches, Watches of Switzerland Group offers branded, differentiated and, for some pieces, exclusive jewellery both in-store and online.
Since 2016, Watches of Switzerland Group has made significant investments in the elevation of jewellery brands, to offer more luxury jewellery as opposed to fashion and classic items. This year the company plans to push this side of the business even further with investment in new products, marketing, and creative content.
“I am incredibly proud of the transformation Watches of Switzerland Group has undergone over the last five years to become the UK’s leading luxury watch retailer and successfully enter the important US market. Today’s announcement signals the next stage in that journey, leveraging our scale, retail and e-commerce expertise, and strong stakeholder relationships to continue our profitable growth strategy,” says Brian Duffy, chief executive of The Watches of Switzerland Group.
“There are significant growth opportunities ahead of us, both in the UK and the US, many of which are already being realised. We have a proven track record, an experienced management team and strong brand support for our plans. At Watches of Switzerland Group we have the best teams in the business and credit for our success goes to them. We love what we do and I am very excited for what lies ahead and the opportunity to take our growth strategy to the public markets,” he adds.