Latest news with #BrianDuffy
Fashion Network
03-07-2025
- Business
- Fashion Network
Watches of Switzerland hits record revenue as UK recovers and US booms
The once-unstoppable Watches of Switzerland Group has been through a few challenging periods lately but on Thursday it reported 'record revenue' in its latest year driven by 'an improved H2 trading performance [with] continued excellent strategic and operational progress'. There were a mix of numbers in the report for the year to April with some positive and some negative, so let's look at those first. Group revenue increased by 7%, or 8% at constant currency (CCY), to reach £1.652 billion. That divided into a 2% rise in the UK and Europe to £866 million and a 14% rise (or 16% CCY) in the US to £786 million. The company had a number of exceptional costs to deal with but with those factored out, adjusted EBITDA was up 8% at £192 million and adjusted EBT increased 11% to £150, million. Meanwhile, operating profit fell 5% to £114 million and statutory profit before tax was down 18% at £76 million. As mentioned, the performance improved a lot in the second half with group revenue up 12% compared to 4% in H1 on a CCY basis. Luxury watches revenue increased 1% reported in the year and 2% CCY with demand for its key brands outstripping supply in both the US and UK markets. Its Certified Pre-Owned and vintage is performing strongly, with Rolex Certified Pre-Owned becoming the Group's second largest luxury watch brand equivalent. Particularly impressive was the increase in luxury jewellery revenue which was up 106% (or 108% CCY), boosted by the acquisition of Roberto Coin Inc. Luxury branded jewellery delivered double-digit growth. Its pre-IFRS 16 guidance for FY26, which is a 53-week year, is based on the current US tariff rate of 10% maintained beyond the 90-day pause and currently announced margin changes from brand partners in response to the 10% tariffs remaining in place. As it stands today, the 10% tariff on imported goods from Switzerland has led some of its brand partners to put through mid-single-digit price increases in the US, alongside reducing their authorised distribution network's margin percentage. It expects CCY revenue growth between 6% and 10%. But the outcome of US tariff developments remains uncertain so that guidance could always change. Tariffs uncertainty aside, CEO Brian Duffy was upbeat: 'I am proud of the strong performance our team has delivered, underpinned by a significant trading improvement in H2. Our US business has continued its excellent momentum, surpassing $1 billion revenue for the first time, bolstered by the acquisition of Roberto Coin Inc. The UK has returned to growth as trading conditions have stabilised. Our performance reflects our differentiated business model, with our scale and leadership in our chosen markets, supported by long-standing, collaborative partnerships with world-leading brands across luxury watches and luxury branded jewellery underpinning sustained growth.' He said it was a busy year for the group as it 'continued to deliver on our strategy at pace'. A notable highlight was the opening of the new flagship Rolex boutique on Old Bond Street, London, 'which is a great example of how we combine our retailing excellence and operational expertise to deliver a fantastic project for our brand partners and clients. We also delivered three key Rolex projects in the US across Texas, Florida and Atlanta, opened a new Patek Philippe room in Connecticut, and executed a range of additional showroom openings, expansions and upgrades'. Duffy added that the company is 'increasingly excited about the possibilities for our recently acquired Roberto Coin business in North America. Not only has it continued to trade well since acquisition, we see growing potential for this well-recognised brand in the large and growing US luxury branded jewellery market. We are pleased to have launched a marketing campaign featuring Dakota Johnson as a global brand ambassador and expect this and other pipeline projects to underpin our growth ambitions for the brand, including the opening of three mono-brand boutiques'. He's also encouraged by the strong performance of the Rolex Certified Pre-Owned programme in both the UK and US, and by the sustained growth in its pre-owned business more generally. He said: 'As we look ahead, whilst we are of course remaining mindful of the broader macroeconomic and consumer environment, including potential US tariff changes, we remain confident in the strength of our diversified business model, our strong pipeline of showroom openings and growth projects, and the resilience of the luxury watch and luxury branded jewellery categories.'
Times
03-07-2025
- Business
- Times
Watches of Switzerland posts record revenue but profits slide
Strong demand for luxury timepieces helped Watches of Switzerland to post record annual revenues but profits declined as the cost of expansion and property impairments weighed on the bottom line. The company reported group revenue of £1.65 billion for the year to April 27, up 7 per cent on the previous year, fuelled by double-digit growth in the United States. Profit before tax fell 18 per cent to £76 million, held back by rising showroom costs, new shop openings, including a flagship Rolex boutique on Bond Street, and a £43.6 million property impairment linked to high interest rates and inflation. • Business live: news, updates and analysis throughout the day The group's US business was the standout performer, with revenues climbing 16 per cent and surpassing $1 billion for the first time. Growth in the UK was more modest at 2 per cent, although it marked a return to growth after a decline in the previous year. Brian Duffy, chief executive, said: 'Our performance reflects our differentiated business model, with our scale and leadership in our chosen markets, supported by long-standing, collaborative partnerships with world-leading brands across luxury watches and luxury branded jewellery underpinning sustained growth.' The group, based in Leicester, said it remained confident in the resilience of the luxury watch category, especially in the still 'underdeveloped' American market, despite caution over the broader macroeconomic backdrop and the risk of new US tariffs. RBC expects Swiss watch exports to decline by 5 per cent in value and by 7 per cent in volume this year. Its analysts said that with the probability of softening demand 'long-range plan targets are potentially at risk of disappointing or being withdrawn completely, which would be a negative catalyst for the stock'. Shares in Watches of Switzerland edged lower in early trading.
Fashion Network
03-07-2025
- Business
- Fashion Network
Watches of Switzerland hits record revenue as UK recovers and US booms
The once-unstoppable Watches of Switzerland Group has been through a few challenging periods lately but on Thursday it reported 'record revenue' in its latest year driven by 'an improved H2 trading performance [with] continued excellent strategic and operational progress'. There were a mix of numbers in the report for the year to April with some positive and some negative, so let's look at those first. Group revenue increased by 7%, or 8% at constant currency (CCY), to reach £1.652 billion. That divided into a 2% rise in the UK and Europe to £866 million and a 14% rise (or 16% CCY) in the US to £786 million. The company had a number of exceptional costs to deal with but with those factored out, adjusted EBITDA was up 8% at £192 million and adjusted EBT increased 11% to £150, million. Meanwhile, operating profit fell 5% to £114 million and statutory profit before tax was down 18% at £76 million. As mentioned, the performance improved a lot in the second half with group revenue up 12% compared to 4% in H1 on a CCY basis. Luxury watches revenue increased 1% reported in the year and 2% CCY with demand for its key brands outstripping supply in both the US and UK markets. Its Certified Pre-Owned and vintage is performing strongly, with Rolex Certified Pre-Owned becoming the Group's second largest luxury watch brand equivalent. Particularly impressive was the increase in luxury jewellery revenue which was up 106% (or 108% CCY), boosted by the acquisition of Roberto Coin Inc. Luxury branded jewellery delivered double-digit growth. Its pre-IFRS 16 guidance for FY26, which is a 53-week year, is based on the current US tariff rate of 10% maintained beyond the 90-day pause and currently announced margin changes from brand partners in response to the 10% tariffs remaining in place. As it stands today, the 10% tariff on imported goods from Switzerland has led some of its brand partners to put through mid-single-digit price increases in the US, alongside reducing their authorised distribution network's margin percentage. It expects CCY revenue growth between 6% and 10%. But the outcome of US tariff developments remains uncertain so that guidance could always change. Tariffs uncertainty aside, CEO Brian Duffy was upbeat: 'I am proud of the strong performance our team has delivered, underpinned by a significant trading improvement in H2. Our US business has continued its excellent momentum, surpassing $1 billion revenue for the first time, bolstered by the acquisition of Roberto Coin Inc. The UK has returned to growth as trading conditions have stabilised. Our performance reflects our differentiated business model, with our scale and leadership in our chosen markets, supported by long-standing, collaborative partnerships with world-leading brands across luxury watches and luxury branded jewellery underpinning sustained growth.' He said it was a busy year for the group as it 'continued to deliver on our strategy at pace'. A notable highlight was the opening of the new flagship Rolex boutique on Old Bond Street, London, 'which is a great example of how we combine our retailing excellence and operational expertise to deliver a fantastic project for our brand partners and clients. We also delivered three key Rolex projects in the US across Texas, Florida and Atlanta, opened a new Patek Philippe room in Connecticut, and executed a range of additional showroom openings, expansions and upgrades'. Duffy added that the company is 'increasingly excited about the possibilities for our recently acquired Roberto Coin business in North America. Not only has it continued to trade well since acquisition, we see growing potential for this well-recognised brand in the large and growing US luxury branded jewellery market. We are pleased to have launched a marketing campaign featuring Dakota Johnson as a global brand ambassador and expect this and other pipeline projects to underpin our growth ambitions for the brand, including the opening of three mono-brand boutiques'. He's also encouraged by the strong performance of the Rolex Certified Pre-Owned programme in both the UK and US, and by the sustained growth in its pre-owned business more generally. He said: 'As we look ahead, whilst we are of course remaining mindful of the broader macroeconomic and consumer environment, including potential US tariff changes, we remain confident in the strength of our diversified business model, our strong pipeline of showroom openings and growth projects, and the resilience of the luxury watch and luxury branded jewellery categories.'
Fashion Network
03-07-2025
- Business
- Fashion Network
Watches of Switzerland hits record revenue as UK recovers and US booms
The once-unstoppable Watches of Switzerland Group has been through a few challenging periods lately but on Thursday it reported 'record revenue' in its latest year driven by 'an improved H2 trading performance [with] continued excellent strategic and operational progress'. There were a mix of numbers in the report for the year to April with some positive and some negative, so let's look at those first. Group revenue increased by 7%, or 8% at constant currency (CCY), to reach £1.652 billion. That divided into a 2% rise in the UK and Europe to £866 million and a 14% rise (or 16% CCY) in the US to £786 million. The company had a number of exceptional costs to deal with but with those factored out, adjusted EBITDA was up 8% at £192 million and adjusted EBT increased 11% to £150, million. Meanwhile, operating profit fell 5% to £114 million and statutory profit before tax was down 18% at £76 million. As mentioned, the performance improved a lot in the second half with group revenue up 12% compared to 4% in H1 on a CCY basis. Luxury watches revenue increased 1% reported in the year and 2% CCY with demand for its key brands outstripping supply in both the US and UK markets. Its Certified Pre-Owned and vintage is performing strongly, with Rolex Certified Pre-Owned becoming the Group's second largest luxury watch brand equivalent. Particularly impressive was the increase in luxury jewellery revenue which was up 106% (or 108% CCY), boosted by the acquisition of Roberto Coin Inc. Luxury branded jewellery delivered double-digit growth. Its pre-IFRS 16 guidance for FY26, which is a 53-week year, is based on the current US tariff rate of 10% maintained beyond the 90-day pause and currently announced margin changes from brand partners in response to the 10% tariffs remaining in place. As it stands today, the 10% tariff on imported goods from Switzerland has led some of its brand partners to put through mid-single-digit price increases in the US, alongside reducing their authorised distribution network's margin percentage. It expects CCY revenue growth between 6% and 10%. But the outcome of US tariff developments remains uncertain so that guidance could always change. Tariffs uncertainty aside, CEO Brian Duffy was upbeat: 'I am proud of the strong performance our team has delivered, underpinned by a significant trading improvement in H2. Our US business has continued its excellent momentum, surpassing $1 billion revenue for the first time, bolstered by the acquisition of Roberto Coin Inc. The UK has returned to growth as trading conditions have stabilised. Our performance reflects our differentiated business model, with our scale and leadership in our chosen markets, supported by long-standing, collaborative partnerships with world-leading brands across luxury watches and luxury branded jewellery underpinning sustained growth.' He said it was a busy year for the group as it 'continued to deliver on our strategy at pace'. A notable highlight was the opening of the new flagship Rolex boutique on Old Bond Street, London, 'which is a great example of how we combine our retailing excellence and operational expertise to deliver a fantastic project for our brand partners and clients. We also delivered three key Rolex projects in the US across Texas, Florida and Atlanta, opened a new Patek Philippe room in Connecticut, and executed a range of additional showroom openings, expansions and upgrades'. Duffy added that the company is 'increasingly excited about the possibilities for our recently acquired Roberto Coin business in North America. Not only has it continued to trade well since acquisition, we see growing potential for this well-recognised brand in the large and growing US luxury branded jewellery market. We are pleased to have launched a marketing campaign featuring Dakota Johnson as a global brand ambassador and expect this and other pipeline projects to underpin our growth ambitions for the brand, including the opening of three mono-brand boutiques'. He's also encouraged by the strong performance of the Rolex Certified Pre-Owned programme in both the UK and US, and by the sustained growth in its pre-owned business more generally. He said: 'As we look ahead, whilst we are of course remaining mindful of the broader macroeconomic and consumer environment, including potential US tariff changes, we remain confident in the strength of our diversified business model, our strong pipeline of showroom openings and growth projects, and the resilience of the luxury watch and luxury branded jewellery categories.'
Scotsman
24-06-2025
- Entertainment
- Scotsman
SPLAT! The colourful, physical comedy about art and creativity for kids and their families coming to four venues in Scotland
Playful, vibrant and language free children's theatre show SPLAT! Is delighted to be coming to venues in Ayr, Dumfries, Greenock and Haddington this July. SPLAT! is a high-energy physical comedy about art, creativity and collaboration for children aged 3 to 7 (and their grown-ups). Sign up to our Arts and Culture newsletter, get the latest news and reviews from our specialist arts writers Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... SPLAT! - The playful and engaging production was devised in collaboration with award winning deaf artist, filmmaker and performer Brian Duffy who co-created 'Small World' the first sitcom in British Sign Language. It is completely accessible for deaf audiences, non-English speaking audiences and small children who are yet to get to grips with words as no language is spoken throughout. SPLAT! takes place inside a vibrant artist's studio where two aspiring painters - one neat, precise, and serious, the other chaotic, messy, and full of mischief - must learn to work together. As they navigate their artistic differences, they take the audience on a journey through the history of art from ancient cave paintings to modern masterpieces. Advertisement Hide Ad Advertisement Hide Ad This journey is full of clowning, movement and slapstick comedy, creating an interactive and sensory-rich experience and a stage that starts pristine and ends in a glorious explosion of colour and mess. Young audiences are invited to engage, explore, and celebrate their own creative instincts and to enquire about the vibrant, messy world that has been created before their eyes. SPLAT! is completely accessible for deaf audiences, non-English speaking audiences and small children who are yet to get to grips with words as no language is spoken throughout. SPLAT! explores themes of collaboration, play and spontaneity, all through a wordless, visually striking performance packed with colour, music, and surprises. The show embraces the philosophy behind Picasso's famous words: 'Every child is an artist. The problem is how to remain an artist once he grows up.' SPLAT!'s two characters are designed to reflect the two opposite hemispheres of the brain; one logical and ordered, the other free-spirited and unpredictable. Bringing to life the ever-changing world of art, the two heroes move between chaotic creativity and structured order, reflecting how artistic movements have evolved throughout history. From the Renaissance to Romanticism to Impressionism to Surrealism, all the way through to Pop Art and Graffiti, children can learn about the history of these movements and discover iconic images from artists such as Van Gogh, Da Vinci, Frida Kahlo, Andy Warhol, Damien Hirst and Banksy. Advertisement Hide Ad Advertisement Hide Ad SPLAT! was developed in response to the global conversations about children's education that emerged during the 2020 pandemic. This production champions the belief and research [i] that shows alongside typical curriculum-based education, children need creative freedom, playfulness, and joyful exploration. Studies show that children are born to learn through play [ii] and that doing so improves cognitive, social, emotional and physical development, reduces stress and builds self-esteem and confidence [iii]. SPLAT! is a high-energy physical comedy about art, creativity and collaboration for children aged 3 to 7 (and their grown-ups). Child mental-health experts emphasised the importance of play in children's development, urging schools to prioritise it over academic progress. At the time, Dr Jenny Gibson from the University of Cambridge, said: 'It's easy to dismiss play as unimportant, but for children, playing with friends and classmates has a very significant impact on their social development.' On bringing the show to Scotland, director and lead creative Jack Kelly says: 'We've performed at the Edinburgh Fringe before, but getting to explore more of Scotland on this tour feels really special. One of our cast, Jock – who plays Messy – is from Kirkcudbright, so this leg is a bit of a homecoming for him. It's an area known for its artistic heritage, which makes it the perfect place to share a show all about creativity. "Greenock's got a fascinating cultural history too; from designer E. A. Taylor to singer Lena Zavaroni coming from there – and Ayr, with its stunning coastline and connection to the poet Robert Burns, feels like a must on any Scottish tour, especially with an artistic show like SPLAT! We're all looking forward to soaking up the scenery, the stories, and, of course, a bit of Scottish hospitality!' Advertisement Hide Ad Advertisement Hide Ad SPLAT! is coming to The Beacon Arts Centre on Saturday 5th and Sunday 6th July, Theatre Royal, Dumfries on Monday 7th July, The Gaiety Theatre, Ayr on Wednesday 9th July and The Corn Exchange, Haddington on Thursday 10th July 2025.
