Watches of Switzerland is cautiously optimistic about its fiscal year 2025 despite challenges in the luxury sector. The company saw a doubling of sales for used Rolex and other second-hand luxury watches in the fourth quarter. Shares of the Rolex seller surged following strong U.S. sales, even though the market is considered underdeveloped. However, UK sales continue to be impacted by the tourist tax, with minimal return of tourist shopping. The company is banking on growth in the U.S. market to offset these challenges.
🇬🇧 Watches of Switzerland banks on US growth https://t.co/UD19ftR1jf
🇬🇧 Watches of Switzerland says UK sales continue to be hit by tourist tax https://t.co/21ztaZs5d8
Luxury group Richemont reports Q4 sales slowdown, appoints new CEO https://t.co/qNaOkzrOfm https://t.co/s2CEih3VgE
🇬🇧 Time to wind back the tourist tax, says Watches of Switzerland boss https://t.co/cdZzMOKSXj
🇬🇧 Watches of Switzerland sales hit by ‘minimal return’ of tourist shopping https://t.co/D3pkuFum0k
Rolex seller shares soar after strong U.S. sales—despite it being an "underdeveloped market." https://t.co/oAxrh2TMh7
Sales of used Rolex and other second-hand luxury watches double in the fourth quarter for Watches of Switzerland https://t.co/ezOzfnvY9j
Watches of Switzerland 'cautiously optimistic' about FY25 amid luxury sector woes https://t.co/DX5oIHBVaT https://t.co/jN6BN2UEYG