It will be interesting to see in future financial reports whether record UK results in 2022 and into 2023 from the likes of Rolex, Patek Philippe and Cartier are the high water mark of sales and profits for the watchmaking giants in the coming years.
Soaring inflation and rising interest rates this year, coupled with the rising impact of the government’s refusal to bring back tax-free shopping in this country have dampened demand since the first quarter of this year, although the value of Swiss watches imported into the UK this year has been higher than ever.
Cartier Limited is the latest brand to publish its accounts at Companies House for the financial year ended March 2023.
Turnover, which includes watches and jewellery sold through wholesale and its internal boutiques rose by 19% to £231 million in the UK.
Operating profit increased by 26% to £13 million.