Turnover for Swatch Group (UK) Limited rose by over 23% to £81.32 million last year as the fall in the value of the pound caused a spike in sales.
The currency devaluation following Britain’s decision to leave the EU in June last year created a price advantage of up to 30% for UK retailers over rivals in Europe.
Rolex, Patek Philippe and LVMH watch brands increased prices last summer or autumn in an effort to narrow this price differential, but Swatch Group did not.
This appears to have encouraged watch shoppers from around the world to buy their timepieces in this country.
The 2016 turnover for The Swatch Group UK includes sales for The Swatch Group UK Les Boutiques Ltd for the first time.
This subsidiary reported sales of £3.5 million in 2015, but its 2016 sales are included in the total of £81.32m.
High end jeweller Harry Winston, which is owned by Swatch Group, is not included in the figure. Harry Winston recorded sales of £18 million across jewellery and watches last year.
Operating profit for Swatch Group’s UK subsidiary fell from £7.63 million in 2015 to £6.25 million in 2016, according to accounts filed at Companies House.
The top 10 watch businesses in the UK amassed sales of £1.09 billion in 2016, of which Swatch Group UK accounted for 7.5%.
2016 Vital Statistics
Turnover: £ 81.32 million (+23%)
Operating Profit: £6.25 million (-18%)