Story Highlight
– Audemars Piguet UK sales reached £105 million in 2025.
– Operating profit slightly decreased to £7.8 million.
– Joint venture with Watches of Switzerland launched in Manchester.
– New AP House opened in London’s Mayfair in February.
– Sloane Street boutique closed after acquiring Arije’s share.
Full Story
Audemars Piguet’s operations in the United Kingdom achieved sales of £105 million in 2025, reflecting a significant increase of 29% compared to the previous year and nearly double the revenue recorded in 2022. Despite a minor decline in operating profit, which fell by 3% to £7.8 million, the company maintained a profit level close to its historical peak.
The year marked a pivotal moment for Audemars Piguet in the UK, notably through the establishment of a joint venture with the Watches of Switzerland Group, resulting in the launch of an AP House in Manchester in May 2025. The company retained a 60% stake in the Manchester enterprise, reporting sales of £7.4 million, although it faced an operating loss of £738,000 due to lower-than-expected trading performance. Audemars Piguet acknowledged that “the location requires additional time to establish its presence in a new market,” with a focus on enhancing brand awareness and client engagement moving forward.
In addition, preparation continued for another flagship store in Mayfair, London, culminating in the February 2023 opening of the new AP House located on Clifton Street, near Bond Street. The value of Audemars Piguet UK’s property, plant, and equipment assets surged from £2.8 million in 2024 to £17.6 million in 2025.
Furthermore, in June 2025, the brand announced the closure of its boutique on Sloane Street in Knightsbridge. This location operated in partnership with the French retailer Arije. Audemars Piguet had previously acquired a 49% stake from Arije for £5.54 million in December 2024, initiating steps to liquidate the joint venture.
Historically, Audemars Piguet’s presence in the UK has been tumultuous. The brand’s watches were marketed by Time Products, led by Marcus Margules, for over three decades, even gaining the rights to distribution in the United States following the Swiss watch crisis of the 1970s. However, tensions escalated around the turn of the century, leading to a halt in new deliveries from Audemars Piguet. A resolution was reached in 2016 when the two parties settled with a £17 million payment, enabling the brand to reacquire its distribution rights.
Margules also sold a prestigious collection of Audemars Piguet timepieces back to the brand, which Jasmine Audemars, Chairwoman of the Board of Directors, hailed as a momentous acquisition for the Audemars Piguet Heritage collection, showcasing significant historical pieces. His collection is presently exhibited at the Audemars Piguet Museum in Le Brassus.
The severance from Time Products facilitated Audemars Piguet’s establishment of a subsidiary office, which has seen remarkable growth from £22 million in 2017 to £105 million in 2025, positioning it as the third-largest specialist watchmaker in the UK. Rolex remains the dominant brand in the market, boasting £702 million in sales for 2024, with its 2025 financial results yet to be released. Patek Philippe’s figures for 2025-26 are also pending, with its latest revenue reported at £271 million.
