Why America Now Leads the Watches of Switzerland Group

In the six months to 1 November 2026, the Watches of Switzerland Group lifted revenue by 15% to £974 million, and the United States moved ahead of Britain as its largest market.

Key Highlights

• Group revenue reached £974 million for the 26 weeks to 1 November 2026, up 15% at both reported and constant exchange rates, from £845 million a year earlier.
• Revenue in the United States rose 22% at constant currency to £501 million, ahead of the United Kingdom, where revenue grew 9% to £473 million.
• Luxury jewellery grew 19% at constant currency and luxury watches 15%, with watches contributing £812 million of the total.
• First-half Adjusted EBIT is expected at £87 million to £89 million, around 28% above the prior year, and net debt stood at £24 million on 1 November 2026, from £112 million a year earlier.
• The group has lifted the floor of its full-year revenue guidance, now 7% to 10% at constant currency, and will publish its half-year results on 10 December 2026.

America Moves to the Front

The first-half trading update published by the Watches of Switzerland Group on 10 November 2026 marks a new balance within the business. A year earlier, the British operations were the larger of the two, with £436 million of revenue against £409 million in the United States. Six months on, the American business leads with £501 million, 23% higher at reported rates.

Retail carried the advance, with US retail revenue up 24% at constant currency. Part of that growth comes from Deutsch & Deutsch, the family-owned Texas retailer whose acquisition the group completed in January 2026: four showrooms in El Paso, Laredo, McAllen and Victoria, authorised for Rolex, Cartier, OMEGA, TUDOR and Roberto Coin among other houses. Showroom projects were completed in Marlton, New Jersey, and at Avalon in Georgia, home since July to the first Watches of Switzerland multi-brand showroom in the state.

“This reflects the strength of our market position, the quality of execution from our teams, and enduring demand for luxury watches and jewellery.”
Brian Duffy, Chief Executive Officer, Watches of Switzerland Group

Jewellery Joins the Watches

Across the group, luxury watches generated £812 million, up 15% at constant currency, while luxury jewellery reached £123 million, up 19%. In the group’s showrooms, jewellery grew 31%. In the United States, Roberto Coin led that movement, as the group advances its growth plans for the jewellery house, for which it holds exclusive distribution rights in the United States, Canada, Central America and the Caribbean. Roberto Coin wholesale revenue rose 15%, and the first two shop-in-shops with wholesale partners opened in October.

Flagships and Regional Cities in Britain

In the United Kingdom, revenue rose 9% to £473 million, with luxury jewellery and Certified Pre-Owned watches both outperforming. Brian Duffy described the progress in these terms: “Encouragingly, this growth was broad-based with good momentum in our flagship boutiques and across many regional cities.”

The flagship picture includes Glasgow, where the Rolex boutique on Buchanan Street reopened in October after a year-long transformation. It now spans more than 6,600 square feet across two floors, roughly twice its original footprint, with a dedicated Rolex Certified Pre-Owned area and a Rolex Authorised Service Centre. Goldsmiths showrooms in Watford, Chelmsford and Exeter were refurbished during the half.

Profit, Cash and a Higher Floor for the Year

The revenue growth is carrying through to earnings. The group expects first-half Adjusted EBIT of £87 million to £89 million, around 28% above the prior year, with the Adjusted EBIT margin 80 to 100 basis points higher. Net debt was reduced by £88 million year on year, to £24 million on 1 November 2026.

For the full 2027 financial year, the group now guides to revenue growth of 7% to 10% at constant currency, from 5% to 10% previously, and to Adjusted EBIT margin expansion of 60 to 80 basis points, from 40 to 80. The complete half-year results follow on 10 December 2026. For more on the houses and retailers that shape how collectors discover fine watches, our Retailers section gathers WATCHESPEDIA’s coverage, from TimeVallée’s first boutique in Africa to the brands behind these figures, such as Cartier and its new brand valuation.

Sources: The Watches of Switzerland Group, H1 FY27 Trading Update, 10 November 2026; Acquisition of four new US showrooms, 22 January 2026; Rolex boutique in Glasgow, 28 October 2026; first reported by WatchPro, 10 November 2026.