The last of the big five watch businesses published its 2018 accounts today, with LVMH Watch & Jewellery (UK) Ltd posting a small dip in sales.
Turnover last year was £93.6 million, down 5.4% on 2017.
Operating profit fell 27% to £8 million due to administration expenses rising.
Staff numbers increased from 147 to 152 due to the opening of a new Hublot flagship boutique on London’s Bond Street in September, 2018.
LVMH Watch & Jewellery (UK) Ltd is responsible for TAG Heuer, Hublot and Zenith, but not Bulgari, which files separate accounts.
Bulgari sales, which are heavily weighted towards jewellery, were down 16% from £66 million to £56 million in 2018. Sales in wholesale declined substantially, the company reported, with a change in strategy away from [wholesaling] jewellery.
Publishing of LVMH W&J’s accounts completes the picture for the big five watch companies in the UK. Rolex (including Tudor), Patek Philippe, Swatch Group, Richemont and LVMH W&J amassed total sales of £932 million in 2018, up 15% over the prior year.
Turnover for the groups has more than doubled in the past five years, with the three years since Britain voted to leave the EU in 2016 showing the most rapid growth thanks to the weaker pound giving the UK a price advantage over other global markets.