Watches of Switzerland Group has reported a 76% jump in annual pre-tax profits to £133 million for the year ending May 3, driven by strong US performance and a strategic push into lab-grown diamond jewellery. The luxury retailer, known for selling high-end Rolex and Omega watches, also forecast further sales growth of 5% to 10% in the new financial year.
Sales Growth and Regional Performance
Group sales surged 13% to £1.83 billion, with US revenues climbing 24%, offsetting a more modest 5% rise in the UK and Europe. Chief executive Brian Duffy noted that the UK home market is “showing encouraging signs of improvement.” The company added that trading in the first 10 weeks of the new financial year has been “encouraging,” with strong US momentum continuing.
Jewellery Expansion and Lab-Grown Diamonds
Watches of Switzerland is expanding into luxury jewellery, opening its first dedicated jewellery showroom with the Mappin & Webb boutique in Manchester. The group has also launched lab-grown diamond offerings through its Goldsmiths brand to capitalise on rising consumer demand. Luxury jewellery sales grew 17% in 2025-26, with 12% growth in the UK and 26% in the US.
The group’s jewellery brands include Roberto Coin, Goldsmiths, Mappin & Webb, Mayors, and Betteridge. According to the company, the lab-grown diamond initiative is “resonating with consumers” and marks a key step in its jewellery strategy.
Outlook and Market Conditions
Despite geopolitical uncertainties, Watches of Switzerland expects group-wide sales to rise 5% to 10% in the new financial year. The company stated: “Whilst we remain mindful of the geopolitical environment, we have carried good US momentum into the new year and see encouraging signs the UK market is improving.”
