The luxury watch and jewellery group Watches of Switzerland, which is based in Leicester, saw its sales soar in the first half of 2022. Sales of watches went up 31% and sales of jewellery went up 38%, bringing the group’s sales to £765 million.
CEO Brian Duffy said, “We are happy to report another quarter of strong trading, which was driven by sales growth across our portfolio of world-leading partner brands.” Demand stayed high throughout the quarter and continues to be higher than supply. Client registration lists are growing as consumers respond to new products, effective marketing, and better customer service. “The first half of the year has been busy with new showroom openings and renovations, including five showrooms at the famous Battersea Power Station in London and more mono-brand boutiques across the UK, US, and now Europe, as we continue to invest to improve our clients’ luxury experience. “Our strong performance in the first half of the year supports our full-year outlook, which we have improved to reflect the positive effects of foreign exchange movements. As we look to the future, we are still sure of our Long Range Plan goals, which are backed up by a strong pipeline of projects that will help us grow. We will stick to our strategy of investing for growth.”
The Watches of Switzerland Group Foundation has also approved donations of £2.7 million to help poor communities in both the UK and the US.
