LONDON – Watches of Switzerland, the publicly listed watch and jewelry retail group, plans to shut 16 showrooms in the U.K. and eliminate 40 roles as part of a plan to streamline the business.
“We continually assess our operations to remain as efficient and productive as possible,” the company said in a statement to WWD. “While we intend to continue growing our showroom estate organically and by acquisition, following a recent review we have regrettably made the difficult decision” to shut the showrooms.
Watches of Switzerland added that, following a review of its support service, it has also decided to eliminate certain roles. The company said it would support all affected colleagues “and offer redeployment opportunities where possible.”
The job cuts are equivalent to around 6 percent of staff, and are understood to be back office service roles and not shop floor staff.
Watches of Switzerland Group is the U.K.’s largest luxury watch retailer and owns the retail brands Watches of Switzerland, Mappin & Webb, Goldsmiths, Mayors, Betteridge, Analog:Shift and Hodinkee.
The group also owns the exclusive distribution rights for Roberto Coin in the U.S., Canada, Central America and the Caribbean.
Brian Duffy, Watches of Switzerland chief executive officer
Kris Piotrowski/Courtesy of Watches of Switzerland
The company has around 217 showrooms across the U.K., U.S. and Europe including 95 dedicated monobrand boutiques in partnership with Rolex, Omega, Tag Heuer, Breitling, Tudor, Audemars Piguet, Longines, Grand Seiko, Roberto Coin, Bulgari and Fope.
In the last reported financial year Watches opened 22 showrooms, refurbished 15 and acquired 15 through Ernest Jones.
Despite the slowdown in luxury demand, and high-end watches in particular, Watches of Switzerland said in February that business over the holiday period in both the U.K. and U.S. was “good” and in line with expectations.
The company said that demand for its key luxury brands remains strong, outstripping supply in both the U.K. and U.S. markets.
“We continue to be encouraged by the performance of our pre-owned businesses and the strong performance of the Roberto Coin brand in North America. Over the period, we have seen further stabilization of the U.K. market in both luxury watches and jewelry, while the U.S. market has seen continued momentum.”
The company said its differentiated business model, alongside the continued investment in its showroom portfolio, had driven market share gains in both the U.K. and U.S.
The company said the balance sheet is strong and it remains confident in delivering its fiscal 2025 guidance. It remains unclear what impact U.S. President Donald Trump’s proposed 31 percent tariffs on Swiss imports will have on the business going forward.
