Watches of Switzerland has plenty to celebrate this week.
The largest luxury timepiece retailer in the U.K. netted a record $2.4 billion (1.8 billion pounds) in revenue for FY26, it announced in a press release yesterday. That sky-high figure marks a 13 percent increase from the year prior—a jump that was primarily fueled by U.S. shoppers.
Watches of Switzerland, which is also the largest purveyors of Rolex timepieces in the United Kingdom, had a particularly strong grip on American collectors in the past fiscal year. Sales stateside jumped up by 24 percent to hit a cool $1.4 billion, which means that the U.S. is now makes up more than half of sales from the group. Brian Duffy, CEO of the Watches of Switzerland Group, attributed the growth to rising stock markets and increasing property valuation in New York, Las Vegas, and Florida, which has left UHNW Americans “clearly feeling pretty good about life,” he told The Times.
In the U.S and the U.K. markets, the brand’s revenue from luxury watches altogether saw in increase of 13 percent. Not to be left out, high-end jewelry had quite a bit of success, too, with revenue growing by 18 percent compared to the previous year. And even as gold prices continue to soar, that doesn’t seem to be stopping U.S. shoppers from picking out fine jewels.
“America has a love affair with gold, and we are happy to participate,” he told The Times.
As for the secondary market, Watches of Switzerland saw sales of its pre-owned timepieces grow by 22 percent year-over-year. The jump makes sense, given that things are looking up in the sector, with prices of pre-owned timepiece on the up and up. Also, Patek Philippe’s most coveted models, such as the Nautilus, are driving growth on the secondary market, according to a recent report from Bloomberg’s Subdial Watch Index. Of course, Rolex watches also have a tight hold on the market, with the Crown’s pre-owned prices skyrocketing by 550 percent over the past 15 years.
Watches of Switzerland is now turning its attention to the incoming year. “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,” Duffy said in a press statement. Who knows, perhaps 2027 will be another record-breaking year, too.
