Watches of Switzerland to officially open Manhattan showroom this month

The Watches of Switzerland Group will open its first standalone flagship store on in the Soho district of Manhattan on November 20.

The showroom, on Lower Manhattan’s Greene Street, will be among boutiques from the world’s biggest luxury brands including Burberry, Longchamps and Louis Vuitton.

The Watches of Switzerland (which was known as Aurum Holdings until September this year) has been a significant player in the North American market since it acquired the Mayors chain of jewellers in Florida last year and luxury watch boutiques at the Wynn Resort in Las Vegas.

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The group is owned by New York-based private equity firm Apollo Global Management but headquartered in England.

The group reported sales of £685 million ($885m) for the 2017-18 financial year and appears to be gearing up for a public listing on the London stock exchange in 2019.

The Soho store will not be the only Watches of Switzerland in New York. A second showroom will open in Hudson Yards next year.

 

An artist’s impression of the Hudson Yards showroom.

 

The group is also adding to its portfolio of boutiques in Las Vegas’s Wynn Resort.

“The Soho store is on schedule to open in November. We will be opening two stores in Las Vegas: a monobrand for Omega and another one for Breitling. Both of those open in November in Wynn,” Brian Duffy, chief executive of The Watches of Switzerland Group told WatchPro earlier this year.

The group’s entry into on the US market has been well-timed as the country enjoys dramatic growth in luxury watch sales.

“Both Mayors and Wynn have gone exceptionally well; particularly since January the numbers have been very strong from both businesses. We are talking about plus 20s (+20% year-on-year growth), which is very encouraging. We would like to take all the credit for it, but a lot of it is down to a really positive change in the market in the US. We’ve seen that especially for Rolex, but it also applies to Patek Philippe and across the board,” Mr Duffy says.

 

THE BIG INTERVIEW: Brian Duffy, chief executive of Mayors new owner Aurum Holdings

 

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