Watches of Switzerland to open new flagship Rolex store

Watches of Switzerland Group has announced its plans to open a new 7,200 sq ft flagship Rolex boutique in London's Mayfair in 2023.

The new store will see the group's current 900 sq ft Rolex boutique on Bond Street relocate to Old Bond Street, aiming to reflect the importance of the London market and the relevance of the city to the history of Rolex.

The announcement coincides with the group's financial results for the first quarter ending 31 July 2022, which revealed a 25% increase in revenue at constant currency to £391 million.

Revenue for the luxury watches segment grew 32% to £342 million, representing 87% of group revenue. Luxury jewellery revenue increased 36% to £27 million.

Watches of Switzerland's UK and European revenue increased 8% to £239 million, driven by resilient domestic clientele with strength across the UK.  Ongoing improvement was seen in its airport business as the travel industry recovers.

The group also reported "continued strength" in its ecommerce sales, up 14% against last year at reported rates with ongoing investment in its multi-channel strategy.

Looking ahead to FY23, Watches of Switzerland expects group revenue between £1.45 billion and £1.5 billion.

Brian Duffy, CEO of Watches of Switzerland Group PLC, said: “The first quarter continued with strong momentum throughout, and we carry this positive momentum into the second quarter. Despite the well-publicised concerns about the macro-environment, demand for our products remains robust with client registration of interest lists continuing to extend.

“Within a large, diffuse and growing market, we are benefitting from our distinctive business model – namely our investment in leading store design, the strength of our brand partnerships, our international scale, our bold marketing campaigns, our advanced systems technology and our dedication to client experience.

“We continue to focus on attracting new clients and growing market share in the UK and US. We have seen positive early results from our expansion into Europe. As we continue to invest in our multichannel model and new incremental projects, we remain confident in our long range plan."