Watches of Switzerland Group is preparing its troops for their first incursion into Continental Europe.
A post on LinkedIn by Suzie Batson, group head of talent acquisition, suggested Sweden and Denmark will be bridgeheads for a push deep into Europe.
“Exciting times ahead as we push the button with regards to recruitment for our expansion into Europe,” she wrote.
WOSG has already published a five-year plan that includes plans for a major expansion outside of its core markets of the UK and USA, with the European Union identified as its most significant growth opportunity.
“The EU luxury watch market has not grown at the same pace as the UK since 2000; the group believes the market is under-invested and under-potentialised,” the company said in a note to investors.
“The group sees a significant growth opportunity in the EU and plan to enter this market through acquisitions, mono-brand boutiques as well as further growth potential in travel retail, ecommerce and new developments,” the investor note continued.
“The group anticipates that the EU will contribute between 5% to 8% of group revenue by FY26,” it added.
While analysts may have been expecting a significant acquisition to establish infrastructure and scale in the EU, it appears WOSG is going to start by opening monobrand stores with its strongest partners.
“In partnership with some our fantastic monobrands our first stop will be the Nordics,” Batson revealed. “Keep an eye out for vacancies being advertised in the coming weeks for retail management opportunities in Stockholm and Copenhagen,” she added, along with a picture showing a spotlight on the Nordic countries.