Luxury watch retailer Watches of Switzerland reported a 17 per cent increase in turnover for the quarter ending 29 January.
The company generated £402 million ($AU701 million) in revenue during that period, while luxury watch sales specifically increased by 22 per cent to £340 million ($AU593 million).
According to CEO Brian Duffy, high cost of living pressures and fears of recession haven’t stopped customers from buying luxury watches. He added that many customers increasingly view watches as investments despite widespread uncertainty around financial markets.
“We call the category rational indulgence. Anyone who buys a watch has the comfort of knowing the product is going to preserve value. I think that’s the biggest influence for people buying watches.” he told the Evening Standard.
“There was negative sentiment around in the UK and lots of difficulties around industrial action, but our team managed to overcome that.
The company reported a 31 per cent increase in revenue in the opening half of the 2023 financial year.
Duffy added that many of the top brands including, Rolex, Omega, Patek Philippe and Zenith have raised prices since the beginning of the year by an average of 4 per cent.
Watches of Switzerland is reportedly in talks with Rolex to sell certified second hand watches at its stores before the end of the year.
With more than 170 stores operating across the US and UK, Watches of Switzerland stocks high-profile brands such as Rolex, Patek Philippe, and TAG Heuer.
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