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Watches of Switzerland Continues US Expansion
Nov 10, 2021 9:07 AM
By Rapaport News
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RAPAPORT... Watches of Switzerland has acquired six new locations in the US, as well as the Betteridge brand name, as it pushes ahead with its stateside growth plans.
The company, which revealed a five-year blueprint for global expansion in June, is intent on becoming the “clear leader in the US market,” it said Tuesday. To that end, it has bought the Ben Bridge Jeweler retail store at the Mall of America in Minnesota and the Timeless Luxury Watches boutique in Plano, Texas, and will convert them into Watches of Switzerland locations.
The timepiece company has also purchased three Betteridge jewelry and watch shops — in Greenwich, Connecticut, and in the skiing resorts of Vail and Aspen, Colorado. Those will continue to operate under their current name, Watches of Switzerland explained.
“Each location offers exceptional opportunities for expanded growth, along with a valuable influx of existing watch clientele,” the company noted.
In addition, the retailer will open a Watches of Switzerland store in Kenwood, Ohio, and will hire 75 employees to work at the six new sites.
“Through focused investment on new projects and acquisitions, we continue our geographical diversification in order to solidify our position as the preeminent leader in the US market,” said Watches of Switzerland CEO Brian Duffy.
In its most recent trading update, the group upgraded its guidance after a better-than-anticipated performance in the first half of the fiscal year. It now expects revenue to be between GBP 1.15 billion and GBP 1.2 billion ($1.56 and $1.62 billion) for the 12 months ending roughly May 1, compared to its previous forecast of GBP 1.05 billion to GBP 1.1 billion ($1.42 billion to $1.49 billion).
Revenue for the six months ending October 31 increased 42% year on year to GBP 586.2 million ($793.5 million), as demand soared. Sales in the US surged 40% to GBP 167.6 million ($226.8 million) for the period, with revenue from luxury jewelry growing 53% to GBP 40.8 million ($55.2 million). Watches went up 41% to GBP 508.8 million ($688.5 million).
Watches of Switzerland, which also owns Mayors, Analog Shift, Mappin & Webb and Goldsmiths, will release its full results December 9.
Image: The Betteridge store in Vail. (Watches of Switzerland)
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Tags:
Analog Shift, Ben Bridge Jeweler, Betteridge, Brian Duffy, goldsmiths, Jewelry, Mappin & Webb, mayors, Rapaport News, Timeless Luxury Watches, watches, Watches of Switzerland
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