Watches of Switzerland said it is on track to meet first-half expectations, as resilient US sales helped it shrug off Donald Trump’s tariffs on Swiss watches.

The luxury watch specialist saw “consistently strong trading” in the 18 weeks to 31 August 2025, with stability in the UK market and further growth in the US. Registration of interest lists for leading models continued to expand in both regions.

The group said it does not anticipate any material hit from the recently imposed 39% tariff on Swiss watches in the first half of its financial year, as brand partners have built up inventory.

Swiss watch exports rose 45% in July compared with the same month last year, easing immediate pressure.

Chief executive Brian Duffy said: “The stability we saw in the UK luxury watch and jewellery markets during the second half of FY25 has continued, and we have delivered good year-on-year growth. The strength of our US business is particularly pleasing given the challenging backdrop.”

Watches of Switzerland highlighted several growth drivers, including the strong performance of its flagship Rolex boutique on Old Bond Street, London.

The store, which opened last year, is “exceeding expectations” with high levels of traffic and strong conversion rates. Its Rolex Certified Pre-Owned salon is also attracting significant demand.

In the US, the company continues to expand its showroom footprint. Recent openings include Mayors Jacksonville in Florida and Watches of Switzerland Plano, Texas, with further projects underway in Miami, New York and Las Vegas.

Meanwhile, the group is investing in its UK estate, refurbishing its historic Northern Goldsmiths store in Newcastle and opening a new Mappin & Webb luxury jewellery boutique in Manchester.

The retailer’s certified pre-owned business is growing well across both markets, while ecommerce sales have picked up following upgrades to its US site. Roberto Coin Inc, acquired in May 2024, is also performing strongly, boosted by a global advertising campaign featuring Dakota Johnson.

However, the company acknowledged that some brand partners in the US have already pushed through price increases to offset tariffs. It said it would provide further updates on any long-term impact once more information becomes available.

Despite headwinds facing the luxury sector globally, including weaker spending in Asia, Watches of Switzerland said trading remains in line with guidance issued in July. The group expects to deliver a good first-half performance and continues to see “significant opportunity” across luxury watches and branded jewellery.

“The combination of showroom investment, brand partnerships and demand for certified pre-owned watches gives us confidence in our growth trajectory,” Duffy added.

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