Watches of Switzerland posted rising sales and profits despite US tariffs of up to 39% on Swiss goods.
Swiss luxury watch sales continued to thrive in the US amid steep import duties, according to half-year figures from the Watches of Switzerland Group.
The UK-listed retailer, which leads sales of Rolex, Omega, and Cartier in Britain, recorded revenue of £845 million (€967mn) for the 26 weeks to 26 October 2025.
Revenue grew 10% at constant currency and 8% at reported rates.
Adjusted earnings before interest and tax climbed to £69 million (€78.9mn), rising 6% at constant currency.
Statutory profit before tax surged 50% to £61 million (€69.78mn).
These numbers landed despite a sharp tariff increase that raised the cost of Swiss-made watches.
Washington imposed a 39% tariff on Swiss imports on 7 August 2025 before lowering the rate to 15% in November.
Even with a historically high 15% duty, demand for top-tier Swiss watches increased year on year.
U.S. Consumers Continue to Fuel Growth
Chief executive Brian Duffy praised the company for delivering a strong first half with rising cash flow and solid returns on capital.
The US market dominated the results and delivered standout momentum.
Revenue in the region jumped 20% at constant currency to £409 million (€467.8mn).
The US accounted for 48% of group sales and 59% of adjusted EBIT.
Duffy identified the region as the main engine of performance, highlighting strong demand across brands and categories.
Brands responded with targeted price increases in the US to offset higher costs driven by tariffs, gold prices, and currency moves.
The company insisted that appetite for core Swiss labels remained strong despite the price shifts.
Luxury watches continued to anchor the group, representing 84% of total revenue.
The retailer said demand for leading Swiss models kept surpassing supply, supported by swelling client Registration of Interest lists.
Its Rolex Certified Pre-Owned program in the US also delivered strong growth.
Business Outlook Remains Optimistic Amid Global Risks
The results underscored how reliant Swiss watchmakers and retailers have become on American buyers.
UK and European revenue rose only 2% to £436 million (€498.87mn), while the US produced widespread growth across brand tiers and price ranges.
Investments in new boutiques, ecommerce expansion, and the integration of US jewellery brand Roberto Coin strengthened the company’s US base.
Duffy said trading in the second half began positively and the business entered the holiday season from a strong position.
He stated that leadership remained confident in full-year performance while staying mindful of economic and geopolitical uncertainties.
