Audemars Piguet’s UK sales have almost doubled over the past two years, from £36 million in 2020 to £63 million in 2022, according to company accounts published today.
And that is not just the effect of emerging from pandemic restrictions. Sales in the last year before covid were also £36 million.
Audemars Piguet (UK) Ltd also posted a record operating profit of £5.3 million last year, more than treble its pre-pandemic return.
In commentary accompanying the accounts, it is noted that 2022 was the first year since the pandemic that it enjoyed unrestricted trading from its own boutiques in Harrods and on Sloane Street in London’s Knightsbridge, and its AP House on Bond Street.
The AP boutiques were all open by 2020, but were then forced to close during the pandemic lock downs. All non-essential stores were still closed in the first quarter of 2021.
AP’s business in the UK during the 2022 financial year was a mixture of wholesale and retail sales through its own stores.
Today, all AP sales are through its three London boutiques.
It will open an AP House in partnership with Watches of Switzerland Group in Manchester later this year.
