Story Highlight
– Watches of Switzerland opened new showroom in Edina, Minnesota.
– U.S. contribution to revenue increased from 24% to 48%.
– U.S. sales exceeded $1 billion for the first time.
– Company expanded to 66 locations following multiple acquisitions.
– Share price rose 45% amid fluctuating market conditions.
Full Story
Watches of Switzerland Group has officially opened a new multi-brand showroom in the Southdale Center, located in Edina, Minnesota, marking an important milestone for the company as it expands its presence in the American market.
This showroom, anchored by Rolex, is the first for the group in the Midwest, enhancing its footprint in the United States. The recent acquisition of Deutsch & Deutsch, a Texas-based business with four showrooms in cities including El Paso and Laredo, further solidifies the company’s growth strategy in North America. This acquisition is expected to contribute significantly to the group, which has reported annual revenues of $67 million from its Texas retail locations.
The group’s performance in the United States has been remarkable, with its contribution to the overall turnover increasing from 24% in 2019 to 48% in 2025. Within the last seven years, sales in the US have quadrupled, with revenue per store rising by more than 60%, jumping from $10.5 million to $16.8 million. For the first time, total sales in the US surpassed $1 billion during the 2025 financial year.
The opening of the new luxury wing at Southdale Center allowed for the introduction of the showroom, joining high-end brands such as Tiffany, Burberry, and Louis Vuitton. The Southdale Center itself has a rich history, having been established in 1956 as the first fully enclosed shopping mall in the United States, catering to families that began relocating to suburban areas as transportation improved.
The showroom occupies 5,400 square feet and features a distinctive Rolex corner, alongside dedicated sections for Cartier, Tudor, Zenith, IWC, Tissot, and others including luxury brands like Porsche Design and Grand Seiko.
In its financial reporting for FY25, which concluded in April 2025, Watches of Switzerland Group noted revenues exceeding $1 billion from 60 retail locations in the US. Since then, the opening of the Edina showroom and a new outlet in Pittsburgh has brought the total number of stores in the US to 66.
The rapid expansion has prompted the company to bolster its leadership in the US market. In January, Jack Gaffaney was appointed as president of the USA division, succeeding David Hurley, who transitioned to the role of group deputy CEO after serving as the North American president for many years.
Watches of Switzerland’s growth trajectory in the US has significantly outpaced its UK operations in recent years. In the financial year 2022-23, the US generated £653 million, accounting for 42% of the group’s overall turnover, compared to the UK’s £890 million, which made up 58%.
However, the latest financial reports reveal a tighter race between the two markets, with US sales rising by 20% to £409 million in the first half of the 2025-26 financial year, close to the £436 million generated in the UK during the same period. This surge in American sales has been bolstered by an additional £56 million from the wholesale sector following the acquisition of the jewellery brand Roberto Coin, while the UK has faced economic challenges and political uncertainty.
Despite fluctuations in both markets, Watches of Switzerland’s share price has appreciated by 45% over the past year. The company is expected to release its full year and fourth quarter trading update on 14 May, with projections indicating a robust sales increase from £1.65 billion to between £1.8 billion and £1.83 billion.
