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People with time on their hands fuel luxury watch sales boom

People with time on their hands have fuelled a lockdown shopping spree for expensive watches.

Watches of Switzerland reported a revenue increase of 18 per cent for 2021.

The trader – Britain’s biggest Rolex watch retailer – sold £788.4 million of top-end time pieces.


They also shifted £60.8 million of jewellery.

The UK market was particularly strong, with revenue for the year at £606.5m.

While revenue from the US market stood at £298.6m.

Total group revenue was 17.9 per cent up on the previous year, at £905.1m.

Next year the company is aiming for sales of £1 billion.

CEO Brian Duffy said:

“Throughout the year we either met or exceeded our guidance despite the changing circumstances, in particular, the much longer-than-expected last lockdown in the UK.

“In the UK, we delivered a very robust performance, overcoming a total of 26 weeks of store closures and hugely reduced travel and tourism business.

“In the US, we generated an outstanding result with very strong momentum.

“Our guidance for FY22 reflects our confident outlook for the luxury watch and jewellery categories and the success of our modern, international and multi-channel model.”







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