By Ian Walker
Watches of Switzerland Group said it has experienced an encouraging early performance from its Rolex certified pre-owned program following its launch in the U.S. and U.K., and plans to expand show-room openings to meet demand for pre-owned luxury watches.
“Demand dynamics remain strong, and our client registration lists continue to grow, whilst the pre-owned market remains a significant opportunity… We will continue to expand the number of show-rooms to meet demand for all pre-owned luxury watches and are excited by the growth potential in this category,” Chief Executive Brian Duffy said.
The company launched its U.S. Rolex certified pre-owned program in July and the U.K. program in September.
The luxury-watch retailer said Thursday that it opened 19 show-rooms globally over the first half of fiscal 2024 and refurbished a further seven. It added that the company plans to integrate the 15 Ernest Jones show-rooms that were bought last month over the rest of this year.
The company had 211 show-rooms as of Oct. 29, of which 56 are in the U.S.
Pretax profit for the half year ended Oct. 29 was 66.5 million pounds ($83.5 million) compared…
Read the full article here