{"id":48977,"date":"2026-04-15T04:10:08","date_gmt":"2026-04-15T04:10:08","guid":{"rendered":"https:\/\/www.europesays.com\/ch\/48977\/"},"modified":"2026-04-15T04:10:08","modified_gmt":"2026-04-15T04:10:08","slug":"watches-of-switzerland-sees-u-s-growth-soar-while-gold-remains-popular","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch\/48977\/","title":{"rendered":"Watches of Switzerland Sees U.S. Growth Soar, While Gold Remains Popular"},"content":{"rendered":"

\n\tLONDON<\/a> \u2014 Watches of Switzerland<\/a> has struck gold across America, with sales growing more than 20 percent and demand for designs made from precious metals still going strong.<\/p>\n

\n\tAnd just like those 19th century prospectors in the foothills of the Sierra Nevada, the watches and jewelry retail group has been investing time, money and energy in the U.S., where revenue is now in excess of $1 billion.<\/p>\n

\n\tSales are coming from Watches of Switzerland<\/a>\u2018s eponymous multibrand showrooms and branded stores in places such as New York City, Las Vegas, Cincinnati and Minneapolis, and its burgeoning portfolio of regional watch and jewelry retailers across the country.<\/p>\n

\n\tIn January, the group acquired Deutsch & Deutsch, the Texas-based, family-owned luxury watch and jewelry retailer with four showrooms in El Paso, Laredo, McAllen and Victoria, Texas. The retailer offers similar brands to Watches of Switzerland<\/a>, and is an official distributor of Rolex<\/a>, Roberto Coin<\/a>, Cartier, Omega, and IWC Schaffhausen.<\/p>\n

\n\tBrian Duffy<\/a>, chief executive officer of Watches of Switzerland group, the U.K.\u2019s largest luxury watch retailer, believes there is even more opportunity to expand in the U.S.<\/p>\n

\n\t\u201cWe have long believed the market was under-invested and under-developed, and that it never quite recovered,\u201d from the financial crisis in 2008. \u201cAt first, we saw an opportunity of investing in big store formats, much like we\u2019ve successfully done in the U.K.,\u201d he said.<\/p>\n

\t\t\t\t\t\t\"Watches<\/p>\n

\t\t\t\t\tWatches of Switzerland multibrand showroom at One Vanderbilt.<\/p>\n

\t\t\t\t\t\t\t\t\tAndrew Gambrell<\/p>\n

\n\tIn 2019, the retailer took one of the largest, most high-profile locations at Hudson Yards for the first Watches of Switzerland showroom and later opened another Manhattan flagship in SoHo.<\/p>\n

\n\tThen it began looking farther afield, buying retailers such as Florida-based Mayors jewelers; Betteridge, which has shops in high net-worth locations such as Greenwich, Conn.; Aspen and Palm Beach, and Analog Shift in New York, which specializes in pre-owned watches.<\/p>\n

\n\tIt added Hodinkee, a media and sales platform, and acquired the exclusive distribution rights for Roberto Coin in the U.S., Canada, Central America and the Caribbean. In the U.K., Watches of Switzerland owns Mappin & Webb and Goldsmiths jewelers.<\/p>\n

\n\tDuffy said buying smaller U.S. retailers has given Watches of Switzerland immediate access to store networks, head and back-office resources and expert staff, and stressed the acquisitions drive is far from over. \u00a0\u00a0<\/p>\n

\n\t\u201cWe\u2019d love to do more, and there\u2019s nowhere in America where we wouldn\u2019t consider going\u201d if the demographics make sense and the opportunity is right, he said. \u201cWe invest for high-quality growth, and we\u2019re always looking for opportunities, whether they are acquisitions or the chance to build or expand stores.\u201d<\/p>\n

\t\t\t\t\t\t\"\"<\/p>\n

\t\t\t\t\tThe Mayors store in St. John\u2019s, Jacksonville, Fla.<\/p>\n

\t\t\t\t\t\t\t\t\tJack E Dupure<\/p>\n

\n\tIt also happens to be a good time to buy smaller retailers in the U.S., Duffy said, because of the increasing challenges of the industry. <\/p>\n

\n\t\u201cScale is important in this business, in part because of the challenges of technology, and cyber protection. The world has gotten more complicated and it has become more difficult to be a small retailer. But we have scale, expertise in the end systems, and in digital and social media cyber protections,\u201d he said.<\/p>\n

\n\tAsked about how Watches of Switzerland works with the family-run businesses once the deals are done, Duffy said the group takes a soft-touch approach.<\/p>\n

\n\t\u201cWe don\u2019t go in there with predetermined plans. We look at the fundamentals of the business, the brands, the teams, the awareness, and then we see how we can help. We don\u2019t go in saying \u2018Here\u2019s the formula, here\u2019s what we\u2019re going to do.\u2019 We want to understand what has made these business so successful, and how we can work together, and build confidence in one another,\u201d said Duffy.<\/p>\n

\n\t\u201cThat\u2019s exactly where we are with Deutsch & Deutsch right now. They\u2019re a great family with really interesting store locations in places like El Paso and Laredo where there are concentrations of wealth. And they carry similar brands to Watches of Switzerland,\u201d he said.<\/p>\n

\n\tThat nuanced, slow-burn investment in the U.S. has been paying dividends. With Europe in a growth rut, the Middle East in turmoil and still-sluggish demand for luxury in China, the U.S. has been the group\u2019s main growth engine.<\/p>\n

\t\t\t\t\t\t\"\"<\/p>\n

\t\t\t\t\tThe Betteridge Patek Philippe store in Greenwich, Conn.<\/p>\n

\t\t\t\t\t\t\t\t\tJack E Dupure<\/p>\n

\n\tIn the first fiscal half, the U.S. grew 20 percent, despite higher tariffs. The region accounted for a little less than half of overall group revenue, which rose 10 percent to 845 million pounds in the six months ended Oct. 26.<\/p>\n

\n\tThe company said luxury watch sales in the U.S. were strong across brands and price points, while Roberto Coin\u2019s wholesale sales rose 16 percent on a constant currency basis. <\/p>\n

\n\tDuffy said despite the spike in precious metal prices over the past year, sales of gold watches have been \u201cunaffected,\u201d for a variety of reasons.<\/p>\n

\n\t\u201cThe economy, particularly for those who are asset rich, has been good. People have disposable income, particularly the higher-income groups. And when those groups are buying, it\u2019s less about affordability,\u201d he said.<\/p>\n

\n\tBy comparison Europe, including the U.K., has been subdued. Demind in China is tepid, while the Middle East had been robust until the conflict in Iran. <\/p>\n

\n\tOn a positive note, Duffy said the watch brands are well-oiled machines, and accustomed to navigating the ups and downs of the business. Brands are also benefiting from a new attitude to purchasing, selling and collecting, in the U.S., and elsewhere.<\/p>\n

\t\t\t\t\t\t\"Watches<\/p>\n

\t\t\t\t\tWatches of Switzerland at American Dream in New Jersey.<\/p>\n

\t\t\t\t\t\t\t\t\tCourtesy<\/p>\n

\n\t\u201cI do think there\u2019s a safe haven element in buying watches. People see what\u2019s happening to the value of gold \u2014 and that only increases the attraction of gold. We call watches a \u2018rational indulgence\u2019 because you don\u2019t need the product, but you can convince yourself that you\u2019re making a smart purchase because it will retain its value, it can be a good investment and it\u2019s liquid,\u201d he said.<\/p>\n

\n\t\u201cToday, more so than ever, there\u2019s no stigma at all about selling your watch. It\u2019s accepted that you can sell your watch to buy a motorbike, go on holiday \u2014 or maybe buy another watch,\u201d he added.<\/p>\n

\n\tIn terms of trends, Duffy said smaller case sizes for both men\u2019s and women\u2019s watches are growing in popularity, contrary to what was happening a few years ago.<\/p>\n

\n\tThere is also continued growth in women\u2019s watches, driven by self-purchasing and a demand for jewelry-inspired timepieces, especially steel-and-diamond combinations.<\/p>\n

\n\tHe said dials remain \u201ca great source of newness and innovation,\u201d with blue, turquoise and green ones all having a moment. Duffy said turquoise in particular blends well with gold, while green chimes beautifully with yellow gold.<\/p>\n

\n\tBracelets and straps are changing, too, with a move away from leather and exotic skins toward rubber, synthetics and other materials, due partly to environmental reasons.<\/p>\n

\t\t\t\t\t\t\"Rolex<\/p>\n

\t\t\t\t\tA Rolex Land-Dweller 40. Colored dials continue to be popular, according to Duffy.<\/p>\n

\t\t\t\t\t\t\t\t\tCourtesy<\/p>\n

\n\tIn the midst of all the openings and push for newness, and growth, challenges in the overall business remain.<\/p>\n

\n\tDuffy said he\u2019s concerned the watch industry overall continues to be challenged on volume.<\/p>\n

\n\t\u201cWith prices rising, volumes have been falling in recent years and I\u2019m conscious of its impact on the infrastructure in Switzerland and on the smaller component manufacturers. They are not getting the benefit of the price increases, and they have to deal with the volume reduction,\u201d Duffy said. <\/p>\n

\n\tHe added that Watches of Switzerland is following the situation closely, \u201cand doing everything we can to encourage the small watchmakers, which in turn helps the small component manufacturers.\u201d<\/p>\n

\n\tHe also has faith in the industry to support the smaller manufacturers. Watchmaking, he said, \u201cis such a well-managed category by the Swiss, which means that you get a real focus on product quality and innovation and long-term thinking. That is one of the great strengths of the category.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"LONDON \u2014 Watches of Switzerland has struck gold across America, with sales growing more than 20 percent and…\n","protected":false},"author":2,"featured_media":48978,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[28154,996,17,19369],"class_list":{"0":"post-48977","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-switzerland","8":"tag-brian-duffy","9":"tag-london","10":"tag-switzerland","11":"tag-watches-of-switzerland"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116406768423228312","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/48977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=48977"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/48977\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/48978"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=48977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=48977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=48977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}