Watches of Switzerland: The Rolex Retailer That Conquered America
Record sales, the US becoming its largest market, and the rise of Rolex Certified Pre-Owned: ahead of its half-year update, Watches of Switzerland reveals a great deal about the watch market.
Watches of Switzerland, the UK's leading Rolex retailer, is publishing its first-half update on Tuesday, November 10. The British group is in a position of strength, boasting record sales, America as its largest market, and a clear bet on certified pre-owned watches. Here is a portrait of a retailer that speaks volumes about the true state of the watch market.
The Largest Rolex Retailer Outside Switzerland
Founded in Leicester, the Watches of Switzerland Group (WOSG) comprises several retail brands: Watches of Switzerland, Mappin & Webb, and Goldsmiths in the UK, alongside Mayors and Betteridge in the US. At the beginning of September, it operated 186 showrooms, including 75 mono-brand boutiques managed for Rolex, Omega, TAG Heuer, Breitling, Tudor, and Grand Seiko.
Its most famous storefront is the Rolex boutique on Old Bond Street in London, the brand's largest in Europe. The group also owns the Italian jeweler Roberto Coin and, since 2024, the American media outlet Hodinkee.
A Record Year Driven by the United States
For the fiscal year ending May 3, 2026, the group generated £1.83 billion in sales, up 13% at constant exchange rates, achieving record revenue and profit.
Market | FY26 Sales | Growth |
|---|---|---|
United States | £927m | +24% (constant currency) |
United Kingdom | £901m | +5% |
Group | £1,830m | +13% (constant currency) |
53-week fiscal year ended May 3, 2026. Source: Watches of Switzerland Group.
This shift is historic: the US now accounts for more than half of sales and profits. The group acquired Texan retailer Deutsch & Deutsch and its four stores, bringing its total number of Rolex-focused US showrooms to 25. Even US tariffs on Swiss watches have not deterred affluent buyers, buoyed by a strong Wall Street performance.
The stock market welcomed these figures. On May 14, the share price jumped by around 15% to 609 pence, reaching its highest level in over two years. However, it remains more than 60% below its early 2022 peak, when the market believed the watch shortage would last forever.
Certified Pre-Owned: A New Pillar
The most interesting figure for collectors lies elsewhere. The Rolex Certified Pre-Owned program has become the group's second-largest brand, just behind new Rolex watches. It is available in all of its US Rolex boutiques, and the rollout is continuing in the UK.
This sends a strong signal. Pre-owned is no longer the exclusive domain of independent dealers and platforms like Chrono24: official retailers are embracing it, complete with brand guarantees and boutique-set pricing. For buyers, this offers extra peace of mind. For the secondary market, it establishes a new reference price, which is often higher than that of parallel channels.
The group is also expanding its entry-level offering, introducing Timex in January 2026, and pushing into luxury jewelry, its third growth pillar. For instance, it is converting its Mayors boutique in Avalon, Georgia, into a dedicated jewelry space.
Dependence on Rolex: A Constant Risk
This success relies heavily on a single brand. In 2023, Rolex's acquisition of Bucherer caused the stock to plunge, as investors feared the Crown would favor its own retail network. While these fears have not materialized, they serve as a reminder that WOSG remains dependent on allocations decided in Geneva. The group experienced this firsthand in early 2024, when a drop in deliveries of gold models forced it to revise its forecasts.
Rolex also remains the sole master of its pricing policy and production volumes. If the brand increases production or accelerates its own retail distribution, WOSG's advantage could erode. Conversely, as long as waiting lists persist for key models, the retailer remains an essential gateway.
What to Watch on Tuesday
For the current fiscal year, the group is targeting sales growth of 5% to 10% at constant exchange rates and an increase of 0.4 to 0.8 percentage points in its adjusted operating margin. In early September, it described trends as remaining robust in the US, with further signs of improvement in the UK.
The United States: Is it continuing to grow at the same pace, despite a high basis of comparison?
The United Kingdom: Is its recovery being confirmed, particularly thanks to the return of tourists?
Certified Pre-Owned: Is it maintaining its momentum, and at what price points?
Holiday Openings: A Rolex boutique in Glasgow and new stores in the US are expected before Christmas.
Full half-year results will follow on December 10. To track the impact of these trends on resale prices, follow the Osterman Rolex Index, updated weekly.
Sources: Watches of Switzerland Group, Reuters, Alliance News, Bloomberg, WatchPro.