Luxury purchases and Battersea openings help improve outlook for Watches of Switzerland
Watches of Switzerland has upgraded its outlook for the second half of the financial year, following a significant uptick in the purchase of luxury items.
The London-based watch-seller experienced a 30 per cent increase in revenue for its luxury watches to more than £660m up until 30 October.
It reported a 23 per cent increase in revenue overall, driven by a surge in the purchasing of watches and jewellery, at 38 per cent.
The company, which launched five new showrooms at the iconic new Battersea Power Station site, lifted its full-year outlook off the back of the strong intake.
The company’s guidance is now to reach £1.5bn-£1.55bn, up from £1.45bn-£1.5bn in revenue.
Watches of Switzerland, which announced it was massively expanding its London store by eight-fold in August, reported £667m in luxury watch revenue, representing 87 per cent of its overall revenue.
It said the increase was due to a surge in both the average selling price and volume of products
Its chief executive Brian Duffy said the “first half of the year has been a busy period of new showroom openings – including five showrooms at the iconic Battersea Power Station in London”.