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Watches of Switzerland has outlined ambitious plans to double its annual profits by fiscal year 2028. The company is confident that its growth strategy, fueled by expansion in the United States market and the flourishing second-hand luxury market, will pave the way for its success.
Positive Performance Reflects Increasing Demand
Shares in Watches of Switzerland, a renowned seller of luxury brands such as Rolex, Piguet, and Cartier, recorded an impressive surge of up to 14% during early trade on Tuesday. It is a testament to the company's commitment to reassure investors amidst concerns following Rolex's recent purchase of retailer Bucherer.
In the most recent quarter, Watches of Switzerland reported a 5% rise in revenues at constant currency, supported by an exceptional 80% increase in sales of pre-owned products, as per Reuters.
Watches of Switzerland reaffirmed its sales and profit forecast for fiscal year 2024, highlighting its confidence in achieving its targets.
Watches of Switzerland is determined to surpass the £3 billion ($3.69 billion) sales milestone by the end of its fiscal year 2028. Analysts at RBC Capital Markets have noted that the company's long-range revenue and profit plans are ahead of market expectations, indicating a strong growth trajectory.
Capturing the Pre-Owned Luxury Market
While the luxury retail sector has faced challenges with the economic slowdown in China and uncertainty surrounding interest rates in Europe and the United States, companies like Watches of Switzerland have found solace in the growing popularity of second-hand luxury goods. This trend has fueled both the demand to buy and sell pre-owned items, presenting considerable opportunities for Watches in Switzerland.
CEO Brian Duffy expressed excitement about the prospects available in the pre-owned market, particularly with the introduction of the new Rolex Certified Pre-Owned program. It is anticipated that this initiative will contribute to 20% of new Rolex sales in the United States and 10% in the UK by fiscal year 2028. The Telegraph reported that Watches of Switzerland aims to leverage this program and secure a significant share of the pre-owned luxury market.
To seize substantial growth potential, Watches of Switzerland is also actively exploring opportunities in the luxury branded jewelry market. Luxury peer Richemont is scheduled to report its interim results on Friday, offering further insight into the performance of the luxury retail sector.
Photo: Laurenz Heymann/Unsplash
