// Watches of Switzerland Group is eyeing further growth after reporting a surge in revenue during its first quarter to August 1
// Online sales during the period also rose by almost 16% stores reopening
Watches of Switzerland has seen its revenues almost double during its first quarter to August 1, following strong growth across its UK and US markets during the first quarter of its financial year.
Group revenue reached £297.5 million during the period, up from £151.6 million last year, driven by growth in both luxury watch sales and jewellery.
Online sales during the period also rose by almost 16 per cent despite Watches of Switzerland stores being open following pandemic enforced store closures.
Watches of Switzerland chief executive Brian Duffy said: “We have had a very good start to the new financial year with a further acceleration in momentum, versus pre Covid-19 pandemic growth levels, underpinned by diversified growth across our markets and categories.”
“Our US business goes from strength to strength, with excellent, broad-based growth continuing to characterise our performance in this market.
“Both luxury watches and luxury jewellery are performing strongly and our refurbished Mayors stores have continued to generate significant sales uplifts. We continue to invest in digital marketing initiatives to drive brand awareness, including through our recently introduced ‘Anywhere, Anytime’ campaign.”
He said that trading in the UK had been extremely strong, driven by sustained high demand from domestic clientele.
“Our newly-opened and refurbished stores have performed well, whilst our ecommerce business has also continued to grow impressively, proving the effectiveness of our multi-channel model despite the strong prior-year comparator,” said Duffy.
“Looking ahead, we are excited about the planned launch in September 2021 of our Xenia project to further advance the customer experience.
The retailer is set to continue investing for growth to advance its strategy to enhance its position in the UK and become a leader in the US luxury watch market.