AUS
NZ
UK
CA
USA
IND
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Highlights:
Group revenue reached £845 million in H1 FY26, up 10% at constant currency and 8% at reported rates, with luxury watches and jewellery performing well.
US revenue grew 20% at constant currency to £409 million, supported by luxury watch sales, Roberto Coin wholesale growth, and ecommerce expansion.
UK revenue increased 2% to £436 million, or 5% adjusting for showroom closures, driven by flagship boutique performance and optimisation of showroom footprint.
Watches of Switzerland Group PLC (LSE:WOSG) has released its trading update for the first half of FY26, covering the 26 weeks to 26 October 2025. Group revenue rose to £845 million, an increase of 10% at constant currency and 8% at reported rates. Growth was driven by continued demand for luxury watches and jewellery, ecommerce performance, and expanding presence in the Certified Pre-Owned market. The Group confirmed its H1 Adjusted EBIT guidance of £66–68 million and reiterated FY26 outlook despite ongoing US tariff developments.
Luxury Watches and Jewellery Performance
Watches of Switzerland reported continued demand for luxury watches, consistently exceeding supply. Revenue from luxury watches grew 10% at constant currency, while luxury jewellery also increased 10% at constant currency, accounting for 12% of Group revenue. Branded jewellery outperformed overall, reflecting consumer interest. The Certified Pre-Owned segment continues to develop, with Rolex Certified Pre-Owned now available across all US Rolex agencies and plans underway to expand to the remaining UK locations.
US Market Leads Growth
US revenue rose to £409 million, an increase of 20% at constant currency and 15% at reported rates, driven by performance across core brands and price points. Roberto Coin Inc. wholesale sales grew 16% at constant currency, benefiting from new product launches, advertising campaigns, and shop-in-shop displays at Mayors retail locations, which doubled retail sales compared to last year. Investment in US ecommerce, including the re-platforming of the Watches of Switzerland US site, contributed to the expansion. A 39% tariff on Swiss imports has been in effect since August 2025, but so far has not significantly affected consumer behaviour.
UK Market and Operational Optimisation
UK revenue reached £436 million, up 2% versus the prior year, or 5% when adjusted for showroom closures. Flagship boutiques, including Rolex Old Bond Street, drove performance, supported by recent investment projects. The Group continued its strategy to optimise showroom returns, with closures over the past 12 months reducing UK sales by 3%. The exit from the European business has now been completed, allowing focus on the UK market.
Outlook
Despite ongoing economic and geopolitical uncertainty, Watches of Switzerland reiterated its FY26 guidance issued in July 2025. Growth is expected to continue across luxury watches, luxury jewellery, and the Certified Pre-Owned segment, while monitoring ongoing US tariffs and consumer responses. The Group aims to consolidate its position as a leader in luxury watch and jewellery retailing. H1 FY26 results will be formally announced on 4 December 2025.
