Aurum Holdings has recorded 13% revenue growth in its 2015-16 financial year.
The group operates Watches of Switzerland, Mappin & Webb, Goldsmiths, Boutique.Goldsmiths, Watch Shop and Watch Lab.
No further details regarding the financial performance of Aurum have been released, but 13% growth comes on top of £400 million in sales in 2014-15, according to a report in the Daily Telegraph, which would equate to £452 million in the latest financial year.
Aurum Holdings made a loss in 2014-15 of £4.24 million, mainly due to interest on loans totalling £11 million. Profit and loss figures have not yet been revealed for the latest financial year.
Expansion of Watches of Switzerland, with the completion of a “golden triangle” of stores in London’s Regent Street, Oxford Street and Knightsbridge, is likely to have been the biggest contributor to the group’s rising sales.
In total, the company operates a network of 16 showrooms across the UK, including Rolex boutiques on Bond Street and in Heathrow’s Terminals 4 and 5, and presents collections from more than 40 luxury watch brands.
The UK has been the fastest growing market in the world for luxury watches this year, according to data from the Federation of Swiss Watchmakers.
In the first 10 months of 2016, the total value of watches exported from Switzerland to the UK rose 4.5%.
Aurum Group which is currently owned by the US-based Apollo Global Management private equity firm, has announced that it will open its first showroom in the USA in 2018.
A 6000 square foot store is being created in New York’s new Hudson Yards development, and will have the accreditation to sell Rolex watches alongside an as-yet undisclosed list of other Swiss watch brands.
Hudson Yards (pictured above) sits on 28 acres of land at the western edge of Manhattan and includes 1 million square feet of retail space, including 100 shops and 16 restaurants.
It is described by its developer as the biggest private development America has ever seen. Over the next nine years, Hudson Yards will transform 28 acres of Manhattan with , with retail and leisure outlets situated among 4,000 flats costing upwards of $2 million.