Sales at the UK arm of luxury watch brand Breitling slumped by almost £20m during its latest financial year.
The division of the Swiss watchmaker has reported a turnover of £57.9m for the 12 months to 31 March, 2025, according to new accounts filed with Companies House.
That’s down from the £76.3m it achieved in the prior year.
Breitling UK’s turnover had totalled £89m in the 12 months before that – an all-time high for the division.
The new accounts also show the firm’s pre-tax profit went from £2.7m to £2m in the year.
Breitling said the fall in its sales “came in a year where the retail environment and the UK economic backdrop were extremely challenging”.
However, the business added that “overall, the directors are satisfied with the performance of the company for the year”.
On its future, Breitling said: “The key objective for the business remains to grow and optimise the distribution network whilst enhancing the image, sales density and efficiency with our partners.
“There will also be continued focus on growth of online sales and direct to consumer channels.”
Breitling’s competition
In terms of Breitling’s competition in this country, the UK arm of luxury watch brand Rolex reported a spike in its profit thanks to a trio of investment properties.
Rolex posted a pre-tax profit of £96.2m for 2024, up significantly from the £65.8m it achieved in 2023.
The brand’s turnover increased from £685.2m to £701.5m over the same period.
The latest rise meant that Rolex’s UK sales had risen for 18 years in a row.
Sales at the Europe, Middle East and Africa arm of luxury Swiss watch brand Richard Mille also ticked past a major milestone in 2024.
The London-headquartered division posted a turnover of CHF 404.4m (£371.2m) for 2024, up from the CHF £378.7m it achieved in 2023.
Its pre-tax profit also grew in the year from CHF 147.1m to CHF 158.4m.
The latest figures meant that Richard Mille’s EMEA division’s turnover had increased every year since 2011, apart from the Covid-19 impacted 2020.