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Sales top $1 billion for Watches of Switzerland Group

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The Watches of Switzerland Group, which is now a major trans-Atlantic player in the luxury watches and jewellery market, has announced turnover of £773 million for the financial year ending April 30, 2019.

The news means that the company has topped sales of $1 billion, a key aim of CEO Brian Duffy and the group’s private equity owner Apollo Global Management.

Revenue was up by 22.5% on the prior year, but the 2017-18 financial year did not include a full 12 months trading for the group’s American business because Florida-based group Mayor’s was acquired in August 2017 and additional stores were bought at Las Vegas’s Wynn resort later in the same financial year.

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If American sales were included for the 2017-18 financial year, the adjusted growth rate in 2018-19 would be 10.2%.

In the UK, alone, revenue grew by 8.6% in FY 2019 compared to FY 2018 and the group achieved UK like-for-like revenue growth of 10% in FY 2019.

The financial results were released alongside the news that The Watches of Switzerland Group has applied for an initial public offering on the London Stock Exchange.

 

BREAKING NEWS: Watches of Switzerland Group to go public on London Stock Exchange

Tags : The Watches of Switzerland Group
Rob Corder

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