Watches of Switzerland (WoS) has reported robust results in the first half of FY25, highlighting the significant impact of its acquisition of Roberto Coin Inc. Since acquiring exclusive distribution rights for the US, Canada, and Central America in May 2024, the brand has contributed £51 million in revenue, aligning with expectations, WoS said.
The integration has progressed smoothly, with strong feedback from retail partners and encouraging sell-out trends. Notable initiatives include elevated displays in Watches of Switzerland’s US showrooms, which have bolstered demand, and active discussions for new mono-brand boutiques and shop-in-shop concepts.
This acquisition strengthens Watches of Switzerland’s foothold in luxury jewellery, a key strategic pillar, as jewellery revenue surged by 103% during the period.
Group revenue was £785 million, up 3%, with Q2 FY25 improving to +11% in constant currency from -2% in Q1 FY25. Profitability (-39% to £28.9 million) was impacted by the lack of leverage, which will reverse in the second half of the year, it noted.
Brian Duffy, Chief Executive Officer, WoS, said: “We are pleased to report H1 FY25 revenue growth of +4% in constant currency reflecting an encouraging improvement in trading in Q2, driven by growing demand in the UK and US, and consistent growth in client registration lists, along with the acquisition of Roberto Coin in the period.”
“Our newly acquired Roberto Coin business in North America has traded strongly since acquisition and is now making a good contribution to our Group. Integration is progressing well, and growth plans are underway.”