The Watches of Switzerland Group has entered the FTSE 250 following the index’s quarterly review. The Group went public on the London Stock Exchange in June.
Promotion to the index that lists the top 250 companies traded in London outside the FTSE 100 exposes the business to more institutional investors such as pension funds.
The group’s shares were broadly unaffected by the news. They are priced at 284 pence per share today, close to the IPO price of 270p and down from a peak of 315p in early post-IPO trading.
The Watches of Switzerland Group CEO, Brian Duffy, says: “It has been a fantastic year so far for the Watches of Switzerland Group, which is enjoying its first few months as a listed company after joining the Premium segment of the Main Market of the London Stock Exchange in June. Our addition to the FTSE 250 is another very positive step for the company as we work hard to deliver on our UK and US strategy, and drive our fantastic customer experience.”
The group now has 128 showrooms in the United States and Britain, including 20 monobrand stores run in partnership with Rolex, TAG Heuer, Omega and Breitling.