It has been an incredible year for Watches of Switzerland Group. The public conglomerate of multi-brand watch boutiques seems impervious to pandemic pains; its second-quarter sales were up 20 percent compared to the same period in 2019. And its growth shows no signs of waning. The company is now slated to open eight mono-brand boutiques for Breitling, Omega and Tag Heuer in the U.S. before the end of the year.
“We had tremendous momentum when we came into the U.S. and we cleaned up more of those verticals,” Watches of Switzerland’s CEO Brian Duffy told Robb Report. “People really responded to the investment we put into the stores, the marketing and the build-up of our database. It’s really carried us through.”
But he also admits some of the success is due to the fact that consumers simply had less buying options. People who typically spent their wealth on travel, dining out and clothing, began acquiring assets with longevity. “We call our category rational indulgence,” says Duffy. “You are buying something based on want, not need. But, if you take care of it, whatever you buy has a good chance of appreciating. So, I think our category has benefited during these strange times.”
If you are looking to indulge before the end of the year, Watches of Switzerland will be opening three Breitling boutiques at The Mall at Green Hills in Nashville, Tennessee; Valley Fair Mall in San Jose, California; and King of Prussia Mall in Philadelphia, Pennsylvania. The latter will also be welcoming a new Tag Heuer store. The Roosevelt Field Mall in Garden City, New York and The Gardens Mall in Palm Beach, Florida will both house new Tag Heuer and Omega boutiques. All are currently slated to swing open the doors by mid-December.
The expansion plan also includes enlarging its current roster of five existing mono-brand stores for Rolex, Audemars Piguet, Breitling and Omega. Georges Kern, Breitling’s CEO, also added in a statement that even more Breitling boutiques are slated to open next year.