Despite encountering significant hurdles, iconic luxury manufacturer Watches of Switzerland has reported recording breaking sales revenue for the fiscal year.
Earlier this week, the group reported overall sales revenue increased by 37 per cent compared with 2021, despite the continued impact of the COVID pandemic.
Sales in the US market rose by 44 per cent to a total of £428 million ($AU753 million). The UK increased by 34 per cent to £810 million ($AU1.425 billion).
Brian Duffy, CEO Watches of Switzerland, said, “This has been a tremendous year for the group, producing record sales and profits.”
“It is particularly pleasing to have delivered this performance against such strong prior year comparatives, with the expertise and dedication of my colleagues proving invaluable.”
Duffy attributed the stellar sales performance to the expansion of the group’s retail network, including the opening of flagship stores in the US with 23 multi-brand stores and 17 mono-brand stores.
In the UK, Watches of Switzerland opened 18 new stores and completed the refurbishment of 17 existing stores.
“We enter the next financial year with strong momentum with consumer demand continuing to outpace supply, and within this environment, we are benefitting from our strength both in showrooms and online,” he said.
He added that the company is “uniquely positioned within a large and growing market” noting that they are confident in sustaining the momentum of the business for the coming year.
Watches of Switzerland Group is a luxury watch and jewellery retailer which operates 171 stores across the US and UK. The group is the largest retailer of luxury brands Rolex, Omega, Cartier, TAG Heuer and Breitling.