Watches of Switzerland FY25 bolstered by return to growth in H2

Watchmaking specialist Watches of Switzerland (WOS) reported an improvement in financial performance for fiscal year 2025, during which it returned to growth in the second half of the year in both the UK and US.

Group revenue rose 8 percent in constant currency compared to FY24, reaching 1.65 million pounds. This was bolstered by a 16 percent uptick in US revenue, which was complemented by a 2 percent increase in the UK and Europe. While the first half of 2025 proved more challenging, momentum picked up in the latter half as group revenue rose 12 percent in constant currency.

In the UK, this reflected a stabilising of the market, CEO Brian Duffy said, as was also seen in the US, which had experienced a period of temporary uncertainty in response to initial tariff announcements, but later returned to normalised trading patterns. “We are cognisant that the US tariff situation is currently unresolved, making it more difficult to predict future US trading patterns,” WOS noted.

While challenges were evident, WOS said the performance fell in line with market expectations. This is to also be the case for its full year adjusted EBIT, which will be announced with its FY25 results on July 3.

Despite the positivity expressed in its latest financial update, the past year has proven tricky for WOS. In April, it was reported by the BBC that the group was planning to close 16 of its showrooms, putting “dozens” of roles at risk. In a statement at the time, the company said: "We continually assess our operations to remain as efficient and productive as possible.”

There have been highlights, however. Among those, WOS was behind the opening of a new flagship Rolex store in London, where trading has since “exceeded our expectations," Duffy said.

He continued: “As we look ahead, we remain confident in the strength of our business model, our strong pipeline of showroom openings and the resilience of the luxury watch category where demand for key brands continues to outstrip supply. We are of course mindful of the broader macroeconomic and consumer environment, including potential US tariff changes.”