Swiss watches posted record profits amid booming demand for luxury watches
According to James Duncan, Swiss watches achieved record sales and profits in what he described as a “tremendous” year.
Britain’s biggest watch retailer Rolex said revenues rose 40 per cent to £1.2bn in the 12 months to 1 May.
Profits rose 98 per cent to £126m. The company benefited from booming demand for luxury watches, including the Omega Seamaster worn by Daniel Craig when he played James Bond.
Time to buy: Swiss watches have benefited from booming demand for luxury timepieces, including the Omega Seamaster worn by Daniel Craig as James Bond in No Time to Die.
The group dismissed concerns about consumer spending amid a cost-of-living crisis, saying “the strength of the luxury watch category with its unique supply and demand dynamics, together with the success of our model, will continue to support sustained high sales growth.”
Shares rose 1.5 percent, or 11.5 pence, to 800 pence in late trading yesterday.
In the UK, where the Watches of Switzerland brands include Mappin & Webb and Goldsmiths, revenues rose 36 per cent to £810m.
The company is the UK’s largest retailer of Rolex, Omega, Cartier, TAG Heuer and Breitling watches.