Watches of Switzerland on track to meet guidance despite tariff woes

Watches of Switzerland (WOS) has revealed it is on track to deliver a “good” H1 FY26 in line with its expectations despite the impact of Donald Trump’s tariffs.

The company stated that it saw consistently strong trading throughout the period, particularly in the US despite the announcement of increased tariffs on Swiss imports. It also stated that the stability it saw in the UK luxury watch and jewellery markets during H2 FY25 has continued.

Furthermore, the group’s certified pre-owned business grew well in both markets, and the company sees significant opportunity for growth in this dynamic category.

Alongside this, the company’s flagship Rolex Boutique on Old Bond Street, London, is exceeding its expectations, with a strong response from clients and good traffic levels and conversion rates.

Its e-commerce sales have also shown good growth, particularly in the US following the upgrade of its Watches of Switzerland e-commerce site.

The company made continued progress with its showroom development programme, including the refurbishment of Northern Goldsmiths, Newcastle, and opening of the Audemars Piguet AP House, Manchester, operating as a joint venture.

The Mappin and Webb brand also has geographical exclusivity for several luxury jewellery brands, including its first De Beers mono-brand boutique.

In addition, WOS stated that the Roberto Coin Inc brand is performing strongly following its acquisition in May 2024. The company plans to grow and develop the Roberto Coin brand and has launched an advertising campaign featuring Dakota Johnson as global brand ambassador.

It has also signed leases for three mono-brand boutiques and the construction of newly designed boutiques in Miami, New York and Las Vegas is underway; these boutiques will open in Q3 FY26.