Watches of Switzerland (WoS) posted strong performance in the first half of fiscal year 25, noting the major impact of its acquisition of Roberto Coin Inc. Since securing exclusive distribution rights for the United States, Canada, and Central America in May 2024, the brand has generated £51 million in revenue, which meets expectations, according to WoS.
The integration process has gone successfully, with positive comments from retail partners and encouraging sell-out patterns. Notable initiatives include raised displays in Watches of Switzerland’s US showrooms, which have increased demand, as well as ongoing discussions about new mono-brand shops and shop-in-shop concepts.
This acquisition improves Watches of Switzerland‘s position in luxury jewellery, a critical strategic pillar, with jewellery revenue increasing by 103% throughout the period.
Group revenue was £785 million, a 3% increase, with Q2 FY25 improving to +11% in constant currency from -2% in Q1. Profitability (-39% to £28.9 million) was hampered by a lack of leverage, which will turn in the second half of the year, the company stated.
Brian Duffy, CEO of WoS, commented: “We are pleased to report H1 FY25 revenue growth of +4% in constant currency reflecting an encouraging improvement in trading in Q2, driven by growing demand in the UK and US, and consistent growth in client registration lists, along with the acquisition of Roberto Coin in the period.”
“Our newly acquired Roberto Coin company in North America has performed well since acquisition and is currently making a significant contribution to our Group. Integration is going well, and expansion plans are ongoing.”