US becomes number one market for Watches of Switzerland Group

The march of Watches of Switzerland Group continues at pace, posting record revenue for FY26.

As long expected, the US has now overtaken the UK to be the biggest sales driver for the Group, with revenue in the States now up to $1.24 million, which represents an increase of 24% in constant currency. This means that the US is now responsible for the majority of the company’s sales.

In particular, sales within its network of Mayors stores in America more than doubled, following significant investment in shop-in-shops.

Including all territories, sales reached a record high of £1.8 billion, which represents an increase of 13% in constant currency versus the previous period. Adjusted EBIT is expected to be £152–£155 million.

Luxury watch revenue in particular saw a 13% increase in constant currency, which lagged behind luxury jewellery, which was up by 18%.

Pre-owned sales also continue to be a significant part of the Group’s success, with sales in this department up 22% year-on-year.

“I would like to thank my colleagues for their continued commitment to delivering exceptional client service, which remains central to our success,” said CEO Brian Duffy. “The US continues to be the primary engine of growth and now accounts for over half of Group sales. This is a major milestone in the world’s largest and fastest growing luxury watch market, achieved in just over eight years from entering the US. 

“In the UK, performance has improved despite the challenging macroeconomic backdrop, with resilient demand for luxury watches and jewellery.

“Looking ahead, we enter FY27 with confidence and strong momentum, supported by the strength of our differentiated model, our leading market position, and the enduring demand across the luxury categories in which we operate. Our growth pillars across the Group provide a clear runway for further progress.

Watches of Switzerland has continued its investment across the board shows no sign of slowing down. This includes its acquisition of Texan retailer Deutsch & Deutsch, its acquisition of media platform Hodinkee, and numerous expansions and openings of stores across its current territories, including a new Audemars Piguet House in Manchester, England, operating as a joint venture.