Story Highlight
– Laings sales rose 7.7% to £73.7 million.
– Operating profit dropped over 40% to £1.9 million.
– New flagship showroom enhances Glasgow’s luxury shopping scene.
– Focus on fine jewellery and operational efficiency planned.
– Laings aims to strengthen brand presence and client experience.
Full Story
Laings has reported a sales increase of 7.7%, achieving £73.7 million for the year ending May 2025, largely attributed to a full year of operations at its newly opened flagship store on Buchanan Street in Glasgow, featuring prominent brands Rolex and Patek Philippe.
However, the company has experienced a substantial drop in operating profit, which fell by more than 40% to £1.9 million, marking the third consecutive year of declining profits since reaching a high of £5.8 million in the 2021-22 fiscal year.
In addition to the flagship store, Laings operates four large multibrand showrooms located in Glasgow, Edinburgh, Cardiff, and Southampton, complemented by two boutiques for TAG Heuer and an Omega showroom.
Commenting on the firm’s achievements, CEO Joe Walsh stated, “Completing our first full calendar year of trading in our Glasgow flagship showroom marks a significant milestone for Laings. Seeing it establish itself as a cornerstone of Glasgow’s luxury shopping scene and a home for prestigious watch brands and fine jewellery has been truly rewarding. We are proud to have delivered another profitable year while laying strong foundations for growth in 2026.”
The luxury watch and jewellery sector in the UK has encountered considerable obstacles following a surge in demand in 2022. Retailers, including Laings, have reported extensive investments in customer engagement, staff training, and showroom enhancements to maintain revenue growth, often at the cost of profit margins.
Laings made a strategic decision to relocate its flagship from Glasgow’s historic Argyll Arcade to a dedicated building on Buchanan Street, which also contains a modern service centre. This reflects the ongoing trend among top jewellers in the UK to invest in customer experiences to meet the rising expectations of discerning clientele.
Continuing its investment strategy, Laings plans to enhance the VIP area at its showroom in Southampton and undertake a refurbishment in Cardiff during the current financial year. Furthermore, a significant expansion project is underway at the Edinburgh showroom, which has recently acquired an additional building, though details regarding this undertaking have not yet been disclosed.
After focusing on its luxury watch offerings for several years, Laings is shifting its attention towards fine jewellery in the upcoming year, with intentions to grow its in-house Exclusive Creations line and enhance bespoke jewellery services.
Operational efficiencies are to be a crucial focus across all retail locations, with a commitment to maintaining high-quality client experiences, according to the company’s statements.
“Completing its 185th year of operation, Laings continues to uphold its pillars of excellence, remaining a strong brand presence in the market. With a clear commitment to client experience and quality, Laings aims to grow their reputation as a trusted jewellery and watch retailer,” the company concluded.
