Watches of Switzerland reports record revenue in FY25, driven by U.S. growth
LONDON: Watches of Switzerland Group PLC announced record revenue for fiscal year 2025, fueled by strong second-half performance and expansion in the U.S. luxury watch and jewelry markets.
The company reported £1.65 billion ($2.11 billion) in revenue for the 52 weeks ended April 27, 2025, an 8% increase at constant currency compared to the previous year. The U.S. market led growth with a 16% surge, while the U.K. and Europe saw a 2% rise.
Financial Performance Highlights
| Metric (£ million) | FY25 (Apr 2025) | FY24 (Apr 2024) | YoY Change (Reported) | YoY Change (Constant Currency) |
| Group Revenue | 1,652 | 1,538 | +7% | +8% |
| U.S. Revenue | 786 | 692 | +14% | +16% |
| U.K. & Europe Revenue | 866 | 846 | +2% | +2% |
| Adjusted EBIT | 150 | 135 | +11% | +12% |
| Adjusted EBIT Margin | 9.1% | 8.8% | +30 bps | — |
| Free Cash Flow | 98 | 118 | -17% | — |
| Net Debt | (96) | 1 | — | — |
Key Growth Drivers
- U.S. Expansion: The acquisition of Roberto Coin Inc. and strong demand for luxury watches propelled U.S. revenue past $1 billion for the first time.
- U.K. Recovery: Stabilized trading conditions led to a return to growth, with H2 revenue up 6%.
- Luxury Jewelry Surge: Revenue from luxury branded jewelry rose 108% (constant currency), driven by Roberto Coin.
- Pre-Owned Market Growth: The Rolex Certified Pre-Owned program performed strongly, becoming the group’s second-largest watch brand equivalent.
Strategic Developments
CEO Brian Duffy highlighted key milestones, including:
- The opening of a flagship Rolex boutique on London’s Old Bond Street.
- Expansion of Patek Philippe showrooms in Connecticut.
- The acquisition of Hodinkee, a leading digital platform for watch enthusiasts.
- A marketing campaign featuring Dakota Johnson as Roberto Coin’s global ambassador.
Outlook for FY26
The company remains cautious amid macroeconomic uncertainty but expects:
- Revenue growth of 6%-10% (constant currency).
- Flat to slightly lower EBIT margins due to U.S. tariff impacts.
- Capital expenditures of £65-70 million for new showrooms and upgrades.
“We are confident in our diversified model and the resilience of the luxury watch and jewelry markets,” Duffy said.