Watches of Switzerland Reports Annual Revenue Growth Amid Talk of Possible Sale

By Karen Dybis | July 14, 2026

As questions loom about its potential sale, Watches of Switzerland Group today released financial results for fiscal 2026, with the retailer’s revenue up 11% (13% in constant currency) in what CEO Brian Duffy called a “year of strong execution.”

On Monday, Reuters reported that Watches of Switzerland (WoS) has held discussions “in recent months” with investors who may be interested in taking the luxury retailer private. No formal offer has been made, Reuters said, describing the possible buyers as “private equity funds and strategic bidders.”

Duffy agreed to the talks because he believed the London-listed company was undervalued in the marketplace, according to the Reuters story. WoS shares are at half of their 2022 peak, and Reuters attributed the drop primarily to Rolex’s 2023 acquisition of Bucherer, “which some analysts saw as a threat to the watchmaker’s relationship with Watches of Switzerland.”

Duffy did not respond to questions about the Reuters report during an earnings call Tuesday morning.

The CEO said that in the full fiscal year ended May 3, Watches of Switzerland achieved “momentum” despite “a complex operating backdrop,” marked by tariff-driven price and margin changes in the United States and economic pressures on U.K. consumers.

WoS delivered “a clear step-up in financial performance,” said Duffy: Adjusted EBIT rose 6% from the previous year on a constant currency basis, to £155 million ($207.7 million), and statutory profit before tax climbed 76%, to £133 million ($176 million).

In its U.S. business, WoS revenue rose 24% in constant currency (18% in reported) year-over-year. The United States now accounts for more than half of the group’s revenue and profit. Its U.K. revenue was up 5%.

“This performance is testament to the agility of our business model, our strong relationships with brands, and the strength of our teams, who have executed well,” Duffy said. “We have prioritized our highest-return opportunities, investing in our showroom estate and digital capabilities, driving productivity, and broadening our client proposition.”

Duffy also said that Watches of Switzerland’s certified pre-owned program “continues to gain traction” and that sales of Roberto Coin are growing (WoS bought the jeweler’s North American division in 2024). He also noted that WoS’ e-commerce is “extending our reach” and that its integration of Deutsch & Deutsch, the Texas chain acquired earlier this year, is progressing.

WoS’ guidance for 2027 is unchanged, and trading in the first 10 weeks of the current fiscal year has been encouraging, according to Duffy.

“We see a substantial runway for long-term growth, in both revenue and profit. The U.S. represents a major opportunity, with considerable potential for further growth and market share gains,” he said. “In our home market, the U.K., the trading backdrop is showing encouraging signs of improvement, and I would like to thank our teams across the U.S. and U.K. for the outstanding service they continue to provide to clients.”

Duffy added, “Whilst we remain mindful of the geopolitical environment, we have carried good U.S. momentum into the new year and see encouraging signs the U.K. market is improving. This underpins our confidence in delivering another year of strong revenue growth, alongside a return to adjusted EBIT margin expansion.”

At the end of fiscal 2026 on May 3, Watches of Switzerland had 191 showrooms in the United States and Britain, including 81 mono-brand boutiques. “The group has minimal direct exposure to the Middle East or tourist consumers,” its financial results statement noted.

Top: Outside a showroom of Deutsch & Deutsch, the four-store Texas jewelry retailer acquired earlier this year by Watches of Switzerland (photo courtesy of WoS Group)