The Watches of Switzerland Group, which is now a major trans-Atlantic player in the luxury watches and jewellery market, has announced turnover of $956 million million for the financial year ending April 30, 2019.
The news means that the company has topped sales of $1 billion, a key aim of CEO Brian Duffy and the group’s private equity owner Apollo Global Management.
Revenue was up by 22.5% on the prior year, but the 2017-18 financial year did not include a full 12 months trading for the group’s American business because Florida-based group Mayor’s was acquired in August 2017 and additional stores were bought at Las Vegas’s Wynn resort later in the same financial year.
If American sales were included for the 2017-18 financial year, the adjusted growth rate in 2018-19 would be 10.2%.
In the UK, alone, revenue grew by 8.6% in FY 2019 compared to FY 2018 and the group achieved UK like-for-like revenue growth of 10% in FY 2019.
The financial results were released alongside the news that The Watches of Switzerland Group has applied for an initial public offering on the London Stock Exchange.