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Mayors Owner Aims to Conquer US Market
Jul 11, 2021 10:22 AM
By Rapaport News
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RAPAPORT... Watches of Switzerland set out a five-year plan to expand globally after recording sales growth during a difficult year for the jewelry and timepiece sector.
The UK-based company, which owns the Mayors brand, aims to become the leader in the US watch segment and enter the European Union market, it said Thursday. The retailer also intends to continue “outperforming” the UK market, it added.
“The UK luxury watch market c..ontinues to grow, and we continue to advance our leading position,” commented CEO Brian Duffy. “In addition, we plan to achieve growth through further geographical diversification, becoming the clear leader in the US market, and establishing a presence in the EU with the targeted rollout of our proven model.”
Group revenue jumped 12% to GBP 905.1 million ($1.26 billion) for the fiscal year ending May 2, the company reported. Sales gained 3.6% in the UK as solid domestic spending outweighed a drop in demand from tourists. In the US, revenue surged 39%, reflecting strong e-commerce conversion rates — the proportion of website visits that led to a sale. That offset weak store traffic.
Watches of Switzerland has predicted compound annual revenue growth of 25% to 30% in the US between now and May 2026. It aims to achieve this through new stores, acquisitions, e-commerce expansion, and digital marketing.
Image: A Mayors store in Tampa, Florida. (Shutterstock)
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Tags:
Brian Duffy, EU, European Union, mayors, Rapaport News, UK, US, Watches of Switzerland
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