Britain’s biggest watch companies increased sales by 9% in their 2017-18 financial years, according to accounts published at Companies House. WatchPro has been tracking the financial results of British watch businesses since we launched in 2010. Over that time, the biggest ten companies in the UK have increased sales from £547 million to £1.1 billion, and the overwhelming majority of that revenue comes from watches sold to retailers at wholesale prices.
Rolex has not only confirmed its position as the country’s biggest watch supplier by a considerable margin, it has continued to stretch its lead. With sales in 2017 hitting £329 million, it represents 29% of the £1.1 billion generated from the biggest ten businesses.
Rolex grew by 23% in the financial year while Patek Philippe, which remains in second place, grew by 9%.
The only company in the top 10 that grew faster than Rolex was Richemont with 30% growth in sales to £143 million. That figure does not include Cartier, which files its accounts separately to its parent organisation.
Seven of the top 10 grew sales, an impressive achievement in a year that was being compared to 2016-17 when the UK had a massive price advantage for luxury watches over European neighbours thanks to the Brexit vote weakening the value of sterling. Only Fossil Group, Time Products and Breitling saw sales decline.
Top 10 Watch Businesses in the UK (click link to view detailed analysis):
1. Rolex Watch Company Ltd
Turnover (FY end Dec 2017): £329 million (+23%) | Operating Profit: 42m (+86%) | Share of Top 10: 29%
2. Patek Philippe UK
Turnover (FY end Jan 2018): £155 million (+9.1%) | Operating Profit: £17.2 million (+109%) | Share of Top 10: 14%
3. Richemont UK Ltd
Turnover (FY end Jan 2018): £142 million (+30%) Operating Profit: £17.2 million (+109%) | Share of Top 10: 13%
4. LVMH Watch & Jewellery UK Ltd
Turnover (FY end Jan 2018): £99 million (+6%) | Operating Profit: £11 million (+15%) | Share of Top 10: 9%
5. Fossil UK Limited (watches only)
Turnover from watches estimate based on global split between sales of watches and other goods (FY end Jan 2018): £92 million (-7%) Operating Profit: £3.4 million (+5%) | Share of Top 10 (watches only): 8%
6. Swatch Group UK
Turnover (FY end Dec 2017): £85 million (+4%) Operating Profit: £3.3 million (-47%) | Share of Top 10: 8%
7. Seiko UK Ltd
Turnover (FY end Mar 2018): £77 million (+6%) | Operating Profit: £2.2 million (-39%) | Share of Top 10: 7%
8. Cartier (watches only)
Turnover from watches estimate based on global split between sales of watches and other goods (FY end Mar 2018): £57 million (+10%) | Operating Profit (including jewellery): £15 million (flat) | Share of Top 10 (watches only): 5%
9. Time Products
Turnover (FY end Jan 2018): £45.1 million (-34%) | Operating Profit: £11 million (-60%) | Share of Top 10: 4%
10. Breitling UK
Turnover (FY end Jan 2018): £40 million (-6%) Operating Profit: £1.1 million (+182%) | Share of Top 10: 4%
Leave a comment