FASHION RETAIL NEWS UK
Watches of Switzerland Group has said it remains confident of delivering its full year guidance after trading in the first 18 weeks was in line with expectations.
The group said demand for its key luxury brands has remained strong both in its UK and US markets with demand outstripping supply.
In addition, it has seen continued stabilisation of the UK market in both luxury watches and jewellery following a period of challenging trading conditions in the prior financial year.
In the first half of FY25, the group is increasing showroom stock levels in the US to enhance displays and client experience, and is also working to grow and develop its recently acquired Roberto Coin brand in the country.
Watches of Switzerland Group also revealed that it is making good progress on its new Manchester luxury jewellery boutique which is expected to open in April 2025. It is also planning various other showroom openings in the UK and US including a new flagship Rolex boutique London’s Old Bond Street.
Looking ahead, it added: “Based on current trading, confidence of supply in both markets, increased certainty on the timing of key showroom projects, and visibility of new product launches, we have confidence in delivering our FY25 guidance as set out at the FY24 results.”
Back in June, the group said it was cautiously optimistic about its new financial year despite reporting a decline in annual pre-tax profit in the year to 28 April,