Editor’s Note
**Editor’s Note:** This article highlights the growing importance of the U.S. market to the company’s overall performance, with sales surging to over half of group revenue by FY 2026. The data underscores a strategic shift toward American consumers, driven by strong organic growth and acquisition opportunities in the fragmented luxury sector.
Duffy said the company’s U.S. business generated $1.24 billion in sales in FY 2026, after the group entered the market in 2017. He said the U.S. represented 51% of group sales in FY 2026, compared with 24% in FY 2019. Over that period, group sales grew at a compound annual growth rate of 13.1%, with the U.S. growing at 26.4% and the U.K. at 6.3%, according to Duffy. Management says the fragmented U.S. luxury watch and jewelry market still offers room for acquisitions and organic growth.
Executives outlined a strategy centered on sustainable, profitable growth, emphasizing continued expansion in the U.S., improving U.K. market conditions, growth in pre-owned watches and jewelry, e-commerce development and selective acquisitions.
Deputy Group CEO David Hurley said the U.S. business has grown from approximately $120 million after the acquisition of Mayors to more than $1.2 billion in less than nine years. He said growth had come from multiple drivers, including acquisitions, showroom investment, e-commerce, pre-owned watches, client experience, luxury jewelry and the more recent additions of Roberto Coin, Hodinkee and Deutsch & Deutsch.
Hurley said the U.S. luxury watch and jewelry market remains fragmented, creating opportunities for acquisitions and organic expansion in underserved luxury markets. He highlighted the company’s U.S. footprint, including Watches of Switzerland, Mayors, Betteridge and Deutsch, 33 monobrand boutiques, Analog:Shift in pre-owned watches and Roberto Coin’s access to more than 400 distribution points.
Jewelry was also presented as a major opportunity. Duffy cited a U.S. luxury jewelry market of nearly $65 billion and said self-purchasing has been a key driver of growth. He said Watches of Switzerland sees significant potential in Roberto Coin, including marketing investment, expanded shop-in-shops, monobrand stores, online growth and export markets.
Bolton said lab-grown diamonds, launched in November 2025, have become the company’s fastest-growing and most productive jewelry category in the U.K., attracting younger clients and generating more than 80% of sales from new demand.
Hodinkee founder Ben Clymer said the watch media platform reaches about 25 million unique users annually and has around 370,000 active community members. He said Hodinkee’s business today is more capital light, with advertising, brand partnerships, limited editions, insurance, the Hodinkee magazine, video content and events among its key activities.
Chief Financial Officer Anders Romberg said the company’s growth pillars remain unchanged: showroom investment, certified pre-owned, e-commerce, luxury branded jewelry, client experience and acquisitions. He said capital expenditure is expected to remain around GBP 60 million to GBP 70 million per year in the medium term, declining as a percentage of sales.
Romberg said Roberto Coin delivered an approximately 20% EBIT margin in FY 2026, even after a GBP 3.5 million bad debt write-off, and is expected to support group margin expansion. He said U.K. e-commerce is close to 10% of revenue and profitable, while U.S. e-commerce was less than 2% of sales in FY 2026 but is growing materially ahead of the broader business after recent investment.
Craig Bolton, president of the U.K. business, said the company has delivered an 8% sales CAGR in the U.K. from FY 2015 to FY 2026 while navigating Brexit, the removal of VAT-free shopping and COVID-related disruption. Bolton said the U.K. market improved during FY 2026 and has improved further into FY 2027, describing current conditions as more stable and recognizable. The company has also streamlined its U.K. estate into fewer, larger, more productive showrooms.
Chief Executive Officer Bryan Duffy told investors that the group’s major market, Swiss watches,
and remains characterized by demand exceeding supply, a condition he said the company expects to continue
Duffy said fiscal 2027 has
and confirmed the company’s guidance for the year, while noting he would not provide financial targets beyond the previously issued FY 2027 guidance.
