Watches of Switzerland is having a good time in America.
Thanks to its newly elevated presence in the American market, the UK-based retailer is on track to meet or exceed its forecast for the full financial year of $1.85 billion to $1.92 billion (£1.5 to £1.55 billion) in sales. Sales in the company’s UK and European outposts only grew by eight percent between May and October of this year from $519 million to $562 million (£419 million to £454). However, sales in the US stores skyrocketed a whopping 86 percent during the same period, from $206 million to $385 million (£167 million to £311 million, 60 percent at constant currency). The strength of the dollar is also contributing to the boost.
In 2021, Watches of Switzerland announced its largest US expansion plan since entering the American market four years prior in 2017. As a result, the group acquired the stores of three of the country’s leading watch retailers, including Betteridge Boutiques in Greenwich, Vail and Aspen as well as Ben Bridge at the Mall of America and Timeless Luxury Watches in Plano, Texas. When the news broke in November of last year, the retailer received instant gratification as shares jumped by 15 percent on the London Stock Exchange. And now, with a full six months of reporting from the retailers, it’s clear the acquisitions were the right move.
As the company began to see a notable uptick in US sales this year, Watches of Switzerland implemented key management changes. In April, executive vice president of The Watches of Switzerland Group USA David Hurley was promoted to president, North America and deputy CEO of the group. Since then, the brand’s US outposts have continued to thrive. By November of this year, it appeared that the United States was on track to become Watches of Switzerland’s largest market by 2023–only time will tell.