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Rolex accounts for over half of sales at The Watches of Switzerland Group

Mayors Florida Rolex room

A presentation by The Watches of Switzerland Group’s chief executive Brian Duffy today revealed that 53% of group sales this year are from Rolex.

From annual sales of £894 million (around $1.16 billion), the world’s biggest luxury watch brand brings in $616 million in the UK and United States, the presentation suggests.

Patek Philippe and Audemars Piguet add up to just 9% of sales.

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In its latest quarterly financial report, group sales rose by 7% in the UK and 32.3% in the United States in the 13 weeks to January 26, adding up to worldwide revenue of £258 million for the Christmas and New Year trading quarter, up 13.4% at constant currency.

Like-for-like, same-store growth was 9% in the United States and over 32% in total; evidence that new stores are adding significantly to American sales.

The UK accounts for 71% of sales, the United States 29% for the group, which went public on the London Stock Exchange in May last year.

Rolex already plays such a dominant role for the group, which now makes less than 10% of sales from jewelry, but it would be selling even more if the brand could increase its supply, Mr Duffy says.

However, despite demand for Rolex running ahead of supply, the company says in financial filings that it has a stated ambition to widen its base of successful watch brands.

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Tags : RolexThe Watches of Switzerland Group
Rob Corder

The author Rob Corder