According to the company’s latest trading update, Watches of Switzerland (WOS) Group is on track to deliver its guidance for FY25, thanks to the encouraging performance of its pre-owned businesses and the strong performance of the Roberto Coin brand in North America.
WOS acquired Roberto Coin’s American operations in May 2024 in a $130m (£104m) deal.
The acquisition – which catapulted the group’s luxury jewellery revenue by 104% in H1 FY25, contributing £51m of revenue during the period – fits into the group’s strategy to deliver on consumer demand for luxury brands.
This demand continues, according to the group, outstripping supply in both the UK and US markets.
The integration of Hodinkee, alongside Roberto Coin, is also progressing well.
WOS Group is advancing incremental growth plans with both businesses.
Trading over the holiday period was good for the group in both the UK and US, underpinning Q3 FY25 performance which was in line with expectations.
Over the period, WOS saw further stabilisation of the UK market in both luxury watches and jewellery, while the US market saw continued momentum.
The group’s showroom development programme continues, with the opening of the relocated and expanded Mayors Tampa, Florida, and Betteridge Vail, Colorado, showrooms in December.
More openings are scheduled for Q4 FY25, including the introduction of new Rolex agencies to its relocated WOS Plano, Texas, and Mayors Jaksonville, Florida, showrooms.
The Mayors Lenox, Atlanta, showroom is also due to be converted into a 3,000 sq ft Rolex boutique.
At the beginning of March 2025, WOS will open the new Rolex boutique on Old Bond Street, London, which will be a major destination for Rolex in the UK market.
On 13 December 2024, the group refinanced its $115m (£92.6m) term loan facility which was originally taken out to finance the Roberto Coin Inc acquisition.
The new £150m facility increases the group’s liquidity headroom by £50m, providing additional flexibility.
Looking to the end of the financial year and beyond, the update states: “Given our trading performance over the first nine months of the fiscal year, visibility of supply in both markets, certainty on the timing of key showroom openings, and expectations of new product launches, we remain confident in delivering our FY25 guidance.”