Story Highlight
– Hamilton & Inches lost Patek Philippe in 2023.
– 2022-23 sales totaled £13.1 million, profit £1.3 million.
– Turnover fell 11% to £12 million next year.
– Latest accounts show sales dropped to £10.9 million.
– Focus shifted to Rolex and fine jewellery expertise.
Full Story
Hamilton & Inches, a historic jeweller based in Edinburgh, faced significant changes in 2023 when it was impacted by Patek Philippe’s streamlining of its global distribution network, leading to the loss of its status as an authorised dealer. This development was part of a broader strategy that affected approximately 30% of Patek Philippe’s authorised retailers worldwide.
In the last complete fiscal year of its partnership with Patek Philippe, 2022-23, Hamilton & Inches reported revenues of £13.1 million alongside an operating profit of £1.3 million. However, in the subsequent year, the company’s turnover fell by 11% to £12 million, leading to an operating loss of £160,000.
Recent financial statements for the year ending March 31, 2025, reflect a further 6% decline in revenue, dropping to £10.9 million. On a positive note, the company managed to return to profitability, achieving an operating profit of £460,000. This turnaround was accompanied by an improvement in gross profit margin, which rose from 29% to 38%, indicating stronger operational efficiency.
In the wake of losing Patek Philippe, Hamilton & Inches has strategically shifted its focus to Rolex, for which it continues to be an official retailer. The company specializes in silversmithing and fine jewellery, skills that have been honed since its establishment in 1866. Additionally, Hamilton & Inches maintains its status as a Royal Warrant Holder as a Silversmith and Clock Specialist to the King and serves as an accredited service centre for Rolex. The jeweller is also investing in skilled watchmaking through its Craft Academy Programme to bolster its expertise.
Currently, Rolex is the sole watch brand offered at the Hamilton & Inches store, which joined the Rolex Certified Pre-Owned programme in December of the previous year. This strategic refocus aims to enhance the company’s market position and customer offerings in a competitive landscape.
