United-Kingdom : Strong growth in demand for Swiss watches
Despite the closure of stores due to the health situation, the UK-based watch retailer Watches of Switzerland saw its sales increase.
Watch exports are doing well in the United Kingdom, and despite the health situation, the Watches of Switzerland retailer reported satisfactory results at the end of its third-quarter at the end of January.
Swiss watch houses such as Breitling, Audemars Piguet, and Omega helped Watches of Switzerland maintain good results for the holiday quarter, as well as sales in the United States and online.
The retailer thus recorded a 5.7% increase in sales to 272.6 million pounds (equivalent to 333.7 million Swiss francs), an increase of 6.6% excluding currency effects. The luxury watches sector advanced by 10.2% to 231.3 million, while the jewelry division declined by 10% to 22.2 million.
The online sales channel, in particular, boosted sales in the United Kingdom by 1.5% to 186.1 million, while e-commerce posted an impressive 121.1% year-on-year increase. This strong local demand is the main reason for the UK retailer’s figures despite the paralyzed tourist activity in the quarter.
The opening of eight watch boutiques (Omega, Tag Heuer, and Breitling) in the United States resulted in a 16% increase in sales in the country to 86.5 million. This difference in growth between the United States and England is illustrated by the fact that the Kingdom’s boutiques were open at only 37% of their normal opening hours due to government restrictions to curb the epidemic, while in the United States, the figure was 78%, with 50% for the entire network.
Read Also > THE CAPRI GROUP EXCEEDS PROFIT ESTIMATES
Featured Photo: © Watches of Switzerland
What's Your Reaction?
