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Nigel TAYLOR Published
December 5, 2025
Following a timely showroom stock rebuild in Q1, Watches Of Switzerland said it has enjoyed an “encouraging improvement in trading” in Q2.
The result is a 4% rise in half-year group revenue at constant currency to £785 million, although the growth was driven by strong gains in the US (+11% to £355 million) offsetting weakness in the UK and Europe (-1% to £430 million) for the 26 weeks to end-October.
Group e-commerce revenue for H1 fell 10% on the prior year, “in line with market trends” but US e-commerce revenue was in growth for the period, it noted.
A “pleased” CEO Brian Duffy said the improvements drove growing demand in both those key markets with other plus points including a constant growth in client registration and the acquisition of luxury jeweller Roberto Coin in the period.
Duffy said those improved showroom stock levels of key brands helped to “enhance displays and client experience, particularly in the US”. So much so that Q2 alone saw “significantly improved US revenue of +24% (constant currency) and revenue in the UK market turned positive”.
He also noted that price increases from brands in the half “have been modest, and this has also positively influenced consumer sentiment”.
Consequently, overall group revenue increased 11% in Q2, in constant currency while sequential revenue improvement was seen, with Q1 FY25 at -2% and Q2 FY25 +11% in constant currency, “with a strong start to Q3 ahead of the holiday trading period”.
Other positives included an improving performance of its Rolex Certified Pre-Owned programme and the sustained growth in its overall pre-owned business. Additionally, it acquired Hodinkee, the global digital platform for luxury watch enthusiasts, “further strengthening our online sector leadership”.
As mentioned, Q3 trading had started “encouragingly” supported by its continued showroom transformation programme.
Looking ahead, key showroom openings in H2 include the flagship Rolex boutique on Old Bond Street, London; Audemars Piguet Town House, Manchester; Rolex introduction in Plano, Texas; a reintroduction in Jacksonville, Florida; and the conversion of Mayors Lenox, Atlanta to a Rolex monobrand boutique.
“Our trading momentum through November, visibility of intake and second-half opening of large showroom investments support our full year guidance, which is unchanged,” added Duffy.