Turnover for Breitling UK Limited increased by 14.4% in 2016 to £42.2 million, but profit dipped due to a weaker pound making imports of Swiss watches more expensive for the London-based subsidiary.
“The consolidated wholesale network continued to grow and benefited from enhanced above the line marketing throughout the territory,” says Breitling UK managing director Gavin Murphy in an introduction to the financial results for the year ending December 31, 2016.
“Continued work on stock management at store level via Breitling’s e-Warranty system, extensive training of the personnel and clearer brand identity within the stores all contributed to a very solid result in what was an unpredictable year,” he explains.
Breitling’s UK sales appear to have benefited from an influx of high-spending overseas visitors. “Investment in retail at the Bond Street store and its CRM platform coupled with a wider international mix of clients post-Brexit provided strong retail sales growth,” Mr Murphy describes.
The Brexit impact was not all positive, Mr Murphy suggests. “With the impact of the Swiss franc exchange rate, this has seen the overall company’s profit decrease from £1,549,038 to £379,488,” he states.
The top 10 watch businesses in the UK amassed sales of £1.09 billion in 2016, of which Breitling UK Limited accounted for 3.9%.
2016 Vital Statistics
- Turnover: £ 42.23 million (+14.4%)
- Operating Profit: £379k (-76%)
- Employees: 104