Watches of Switzerland has reported an uptick in revenue growth due to growing demand in the US market despite luxury watch sales stagnating in the UK and Europe.
In a trading update to markets today, the luxury watch firm said group revenue for the 26 weeks ending 27 October was up 4 per cent year-on year to £785m.
While the UK market turned positive, the group said the US was also a key driver in its most recent financial success, with revenue up 24 per cent to £355m.
UK and Europe revenue was down just one per cent from the year prior to £430m.
Brian Duffy, chief executive of Watches of Switzerland, said this is attributed to the firm’s newly acquired Roberto Coin business in North America earlier this year.
Duffy added: “Our newly acquired Roberto Coin business in North America has traded strongly since acquisition and is now making a good contribution to our Group.
“Integration is progressing well, and growth plans are underway. We are also encouraged by the performance of the Rolex Certified Pre-Owned programme and the sustained growth in our overall pre-owned business.”
The firm also snapped up a New York-based media company with an editorial focus on wristwatches earlier this year as it looked to gain online growth.
Hodinkee, a watch website known as an influential editorial and e-commerce site for new and vintage wristwatches, was to the London-listed group for an undisclosed figure.
The firm expects momentum to continue as it enters the festive period of spending, with a number of new showroom openings throughout the UK and US to follow.
“This year marks the centenary of Watches of Switzerland, celebrated with a number of exclusive products, and we extend our gratitude to our colleagues for their unwavering dedication and exceptional client service throughout the year,” Duffy said.