Watches of Switzerland Group has surpassed $1bn in US sales for the first time, powering a record £1.65bn revenue haul for the year ending 27 April 2025.
The British luxury retailer’s US business grew 16%, outpacing the UK’s return to growth with a 2% sales rise.
This US momentum, bolstered by the acquisition of jewellery brand Roberto Coin, helped offset challenges including profit pressures and ongoing uncertainty around US tariffs on Swiss imports.
Watches of Switzerland warned that Trump-era tariffs, which impose a 10% levy on non-US luxury goods including Swiss watches, have already led to mid-single-digit price increases in America.
The company said the long-term impact of these tariffs remains uncertain, with ongoing dialogue between the group and its brand partners.
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Chief executive Brian Duffy said: “Our US business has continued its excellent momentum, surpassing $1 billion revenue for the first time, bolstered by the acquisition of Roberto Coin Inc.
“The UK has returned to growth as trading conditions have stabilised.
“Our performance reflects our differentiated business model, with scale and leadership in our chosen markets, supported by long-standing, collaborative partnerships with world-leading brands across luxury watches and luxury branded jewellery underpinning sustained growth.”
Profit before tax dipped 18% to £76m, while the group continues to streamline operations, recently closing several low-profit UK showrooms and completing its exit from Europe.
Looking forward, Watches of Switzerland remains confident in its showroom pipeline and growth projects despite wider macroeconomic uncertainties.
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