Watches of Switzerland changes direction as US sales soar – WWD

LONDON – As the US market experiences strong double-digit growth, luxury retailer Watches of Switzerland is bolstering its management team by promoting David Hurley to President, North America and Deputy Group Managing Director.

Hurley is currently Executive Vice President, US, and will work alongside London-based CEO Brian Duffy. The United States is the group’s most dynamic market and has recorded growth of more than 40%.

By the end of calendar year 2025, the US market will be the same size as the UK market for Watches of Switzerland, the company said.

WoS is the UK’s largest retailer for Rolex, Patek Philippe, Cartier, Omega, Tag Heuer and Breitling. It also owns the high-end luxury British jewelers Goldsmiths and Mappin & Webb. In 2017, it began to expand rapidly in the United States with the purchase of Mayors Watches and Jewelry.

On Monday, the group also announced the promotion of Craig Bolton to President, Watches of Switzerland Group, UK and Europe. Bolton is UK Executive Director

Effective May 1, Chabi Nouri will join the WoS board as an independent non-executive director and member of the company’s ESG committee. Nouri was previously president and CEO of Piaget, owned by Compagnie Financière Richemont, and an executive at Cartier.

She is currently a private equity partner of Mirabaud and co-fund manager of the Mirabaud Lifestyle franchise.

Regarding appointments, Duffy said the group’s leadership structure “continues to develop in response to, and in anticipation of, our business development. I look forward to working with David and Craig as we continue to execute on our long term plan.

The Watches of Switzerland group has over 170 stores in the UK and US, including 51 dedicated mono-brand boutiques in partnership with Rolex, Tag Heuer, Breitling, Omega, Tudor, Audemars Piguet, Grand Seiko, Bulgari and Fope.

WoS also has units at Heathrow Airport in Terminals 2, 3, 4 and 5 as well as seven retail websites.

Mappin & Webb hold Royal Warrants as Goldsmiths, Goldsmiths and Jewelers to Queen Elizabeth and Goldsmiths to Prince Charles. Master jeweler Mappin & Webb has been Crown Jeweler, custodian of the British Crown Jewels, since 2012.

In the third fiscal quarter ended January 30, WoS Group revenue increased nearly 28% to £348.1 million year-on-year in constant currency. In the first nine months of the financial year, the group’s revenue totaled 934.3 million, representing a growth of 38% year-on-year.

During the third fiscal quarter, US revenue increased 44.6% to £124.6 million year-on-year. The company said sales of ultra high-end watches (brands such as Rolex, Patek Philippe and Audemars Piguet) increased 32.4% in the quarter, while sales of other brands rose 214.3%. %.

Last year, in an effort to increase its market share in the United States, WoS purchased the Greenwich, Connecticut, Vail and Aspen, Colorado stores owned by family-owned watchmaker and jeweler Betteridge.

In 2021, WoS also opened its first Bulgari boutique in the United States, next to the renovated Mayors in Aventura, Florida, and expanded its channel of monobrand boutiques with the opening of Breitling Short Hills, NJ, and Tudor Millenia. , in Florida.

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