REG - Watches of Switzlnd. - AGM Trading Update

Watches of SwitzerlandAnnouncement

Wed 07:00

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RNS Number : 7274X  Watches of Switzerland Group PLC  03 September 2025

3 September 2025

 

Watches of Switzerland Group PLC

AGM Trading Update

 

 

Performance in line with expectations

 

Business performance

We are pleased with our performance in the 18 weeks to 31 August 2025 and are
on track to deliver a good H1 FY26 in line with our expectations. We have seen
consistently strong trading throughout the period, particularly in the US
despite the announcement of increased tariffs on Swiss imports. The stability
we saw in the UK luxury watch and jewellery markets during H2 FY25 has
continued, and we have delivered good year on year growth. Registration of
Interest lists continue to grow in both markets.

 

We are delighted with the success of the flagship Rolex Boutique on Old Bond
Street, London, which is exceeding our expectations. The response from clients
has been excellent and traffic levels and conversion rates are very good. The
Rolex Certified Pre-Owned salon on the lower ground floor is fast becoming the
destination for Rolex aficionados.

 

Ecommerce sales have also shown good growth, particularly in the US following
the upgrade of our Watches of Switzerland ecommerce site.

 

The Group's well-established Certified Pre-Owned business is growing well in
both markets, and we see significant opportunity for growth in this dynamic
category.

 

Following the acquisition in May 2024, Roberto Coin Inc. is performing
strongly. We plan to grow and develop the Roberto Coin brand and have launched
an impactful advertising campaign featuring Dakota Johnson as global brand
ambassador. Elevation and brand expansion within our own showrooms is proving
very successful. We continue to develop and refine the offering and there are
opportunities to extend this to our retail partners. We have also signed
leases for three mono-brand boutiques and the construction of newly designed
boutiques in Miami, New York and Las Vegas is underway; these boutiques will
open in Q3 FY26.

 

FY26 showroom projects and investments

We made continued progress with our showroom development programme, including
the refurbishment of Northern Goldsmiths, Newcastle, which has been retailing
Rolex since 1919, and opening of the Audemars Piguet AP House, Manchester,
operating as a joint venture. The new Mappin & Webb Luxury Jewellery
Boutique, Manchester is now complete and opens on 4 September 2025. This
jewellery boutique has geographical exclusivity for several luxury jewellery
brands, including our first De Beers mono-brand boutique. The relocated Mayors
Lenox, Atlanta also opened in August 2025. Our Q4 FY25 openings of Mayors
Jacksonville, Florida and Watches of Switzerland Plano (our first showroom in
Texas) have got off to an encouraging start.

 

Across our Rolex international network, we have a number of other exciting
projects completing in the financial year including the new Watches of
Switzerland Southdale, Minneapolis and the relocation of Mayors University
Town Center Sarasota, Florida. In the UK, we will complete the Mappin &
Webb Birmingham conversion, relocation of Goldsmiths Merry Hill, Birmingham
and expansion of Goldsmiths Oxford.

 

Outlook

Performance in both markets is encouraging and in line with FY26 guidance
provided in July 2025. We do not anticipate any material impact from the US
tariffs in H1 FY26 as brand partners have increased inventories as shown by
Swiss Watch Exports in July 2025 (+45% vs prior year). We will provide a
further update as to any potential impact on FY26 guidance, if any, once more
information is available.

 

Contacts
 The Watches of Switzerland Group
 Anders Romberg, CFO                                                             +44 (0) 207 317 4600
 Caroline Browne, Group Finance and Investor Relations Director                  +44 (0) 116 281 7420
 investor.relations@thewosgroup.com (mailto:investor.relations@thewosgroup.com)

 Headland
 Lucy Legh / Rob Walker / Scarlett Hateley                                       +44 (0) 203 805 4822
 wos@headlandconsultancy.com (mailto:wos@headlandconsultancy.com)

About the Watches of Switzerland Group

The Watches of Switzerland Group is the UK's largest luxury watch retailer,
operating in the UK and US comprising seven prestigious brands; Watches of
Switzerland (UK and US), Mappin & Webb (UK), Goldsmiths (UK), Mayors (US),
Betteridge (US), Analog:Shift (US) and Hodinkee (US), with a complementary
jewellery offering. Since 8 May 2024, the Group has also owned the exclusive
distribution rights for Roberto Coin in the US, Canada, Central America and
the Caribbean.

 

As at 3 September 2025, the Watches of Switzerland Group had 195 showrooms
across the UK and US including 84 dedicated mono-brand boutiques in
partnership with Rolex, OMEGA, TAG Heuer, Breitling, TUDOR, Longines, Grand
Seiko, Roberto Coin, BVLGARI and FOPE and has a leading presence in Heathrow
Airport with representation in Terminals 2, 3, 4 and 5 as well as seven retail
websites.

 

The Watches of Switzerland Group is proud to be the UK's largest retailer for
Rolex, OMEGA, Cartier, TAG Heuer and Breitling watches.

www.thewosgroupplc.com (http://www.thewosgroupplc.com)

 

 

 

 

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