Rox stems losses and says it is now back in the black
Glasgow-based jeweller Rox has reported mixed financial results for the year ending 31 March 2025, with turnover down but operating losses stabilising.
The retailer has seen its annual sales fall every year since its peak in 2022 of almost £19 million — the year after Audemars Piguet ended its long-standing partnership with Rox as part of its global strategy to transition exclusively to mono-brand, corporate-owned showrooms — and the latest sales figure is down 13% year-on-year to £10,916,087.
Against this worrying trend, operating losses have at least been reduced, down from a loss of £878,546 in the previous period to a loss of £324,706 in its most recent filing.
Speaking to Watch Insider, Rox’s director Kyron Keogh said that its financial results for the year ending March 31 2026 (not yet published) will show that the company has continued to improve its profitability and is now back in the black.
As well as the loss of AP, Rox also closed their standalone Hublot boutique in Edinburgh in January 2025, citing falling demand. It means that watches now make up only about 17% of their total business, with bridal and fine jewellery (at higher margins) becoming key to the brand. They’ve restricted watch sales to their Glasgow flagship and Newcastle stores.
Operating losses can also be partly attributed to the brand’s expanding retail network, most recently in 2022 with the opening of a 1,500-square-foot luxury showroom inside Battersea Power Station to mark its 20th anniversary.
