The luxury watches and jewellery market is showing signs of recovery, with a leading retailer reporting strong festive season sales. The group, which operates over 220 showrooms across the UK, US, and Europe, highlighted "further stabilisation" in the UK market, driven by solid trading during the crucial holiday quarter ending in late January.
This marks a positive shift after a challenging period, where rising living costs dampened consumer spending on high-end goods. The company, known as the UK's largest seller of Rolex and Omega watches, also noted "continued momentum" in the US market, which it aims to grow significantly in the coming years.
The retailer remains optimistic about its future, citing strong trading performance over the first nine months of the fiscal year, reliable supply chains, and upcoming product launches. It reiterated its commitment to achieving its 2024-25 financial targets.
In the US, the group is actively expanding its presence by integrating recent acquisitions, increasing showroom stock levels, and planning new store openings. The company hopes the US market will soon account for half of its total sales.
Meanwhile, in the UK, the retailer is preparing to open a flagship Rolex boutique on London's prestigious Old Bond Street. This new location is expected to become a key destination for Rolex enthusiasts in the UK market.
Retail expert David Hughes commented on the positive outlook, stating, "Given the current economic challenges in the UK and recent profit downgrades among retailers, this report of strong trading and maintained guidance is reassuring."
As the luxury market continues to recover, the group's strategic focus on expansion and customer experience positions it well for future growth.
