LONDON – Watches of Switzerland, the publicly listed watch and jewellery retail group, plans to close 16 showrooms within the U.Ok. and remove 40 roles as a part of a plan to streamline the enterprise.
“We frequently assess our operations to stay as environment friendly and productive as doable,” the corporate mentioned in an announcement to WWD. “Whereas we intend to proceed rising our showroom property organically and by acquisition, following a current evaluate we’ve regrettably made the troublesome resolution” to close the showrooms.
Watches of Switzerland added that, following a evaluate of its help service, it has additionally determined to remove sure roles. The corporate mentioned it might help all affected colleagues “and provide redeployment alternatives the place doable.”
The job cuts are equal to round 6 % of workers, and are understood to be again workplace service roles and never store ground workers.
Watches of Switzerland Group is the U.Ok.’s largest luxurious watch retailer and owns the retail manufacturers Watches of Switzerland, Mappin & Webb, Goldsmiths, Mayors, Betteridge, Analog:Shift and Hodinkee.
The group additionally owns the unique distribution rights for Roberto Coin within the U.S., Canada, Central America and the Caribbean.
Brian Duffy, Watches of Switzerland chief government officer
Kris Piotrowski/Courtesy of Watches of Switzerland
The corporate has round 217 showrooms throughout the U.Ok., U.S. and Europe together with 95 devoted monobrand boutiques in partnership with Rolex, Omega, Tag Heuer, Breitling, Tudor, Audemars Piguet, Longines, Grand Seiko, Roberto Coin, Bulgari and Fope.
Within the final reported monetary yr Watches opened 22 showrooms, refurbished 15 and bought 15 via Ernest Jones.
Regardless of the slowdown in luxurious demand, and high-end watches particularly, Watches of Switzerland mentioned in February that enterprise over the vacation interval in each the U.Ok. and U.S. was “good” and in step with expectations.
The corporate mentioned that demand for its key luxurious manufacturers stays robust, outstripping provide in each the U.Ok. and U.S. markets.
“We proceed to be inspired by the efficiency of our pre-owned companies and the robust efficiency of the Roberto Coin model in North America. Over the interval, we’ve seen additional stabilization of the U.Ok. market in each luxurious watches and jewellery, whereas the U.S. market has seen continued momentum.”
The corporate mentioned its differentiated enterprise mannequin, alongside the continued funding in its showroom portfolio, had pushed market share features in each the U.Ok. and U.S.
The corporate mentioned the stability sheet is robust and it stays assured in delivering its fiscal 2025 steerage. It stays unclear what impression U.S. President Donald Trump’s proposed 31 % tariffs on Swiss imports may have on the enterprise going ahead.
