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Patek Philippe anniversary World Time watch boosts sales and profits at Boodles

BOODLES (10)

Boodles is thought to generate around 40% of its turnover from the sale of watches from a single brand, Patek Philippe.

That means it would have sold Patek Philippe watches worth around £31 million in the 12 months ending February 28, 40% of its top line total of £77.1 million for the financial year.

2018 was a particularly important year for Boodles and its relationship with Patek Philippe.

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The jeweller celebrated its 220th Anniversary and Patek Philippe created a special edition of its iconic Ref 5230G World Time watch where the city chapter ring marking the 24 time zones was adapted, replacing London with Liverpool for this exclusive model.

 

 

The word ‘Liverpool’ is included in pink, in tribute to Boodles brand colour, and the 220th Anniversary of Boodles is engraved on the back of the timepiece. The dial is not double-signed but its unique lay-out will no doubt make it sought after by future generations, even those not hailing from the northern city.

Boodles managing director Michael Wainwright refers to the success of this limited edition in commentary accompanying the company’s accounts.

“Jewellery and watches sales were both significantly higher thanks partly to a strong Christmas trading period and the Limited Edition of Boodles 220th anniversary Patek Philippe World Time watches,” he describes.

Underlying profits for Boodles were hit in the prior year by a one-off charge relating to withdrawing from a venture with Grovesnor House Hotel and a hit to its sales in Harrods because of refurbishments to the department store’s fine jewellery room.

Operating profit for 2018-19 was back on track with a 49% rise to £11 million.

 

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Rob Corder

The author Rob Corder