Watches of Switzerland Group PLC (LSE:WOSG) has marked March 2025 on the calendar for the grand opening of its twice-delayed new flagship Rolex boutique on Old Bond Street, London
Intended to provide an eightfold increase to the FTSE 250 group's retail presence, the store's launch was first announced in August 2022 for the following year, but the ribbon-cutting ceremony was then pushed back to 2024, then again to 2025.
WoS set the new date in a Tuesday trading update in which management highlighted “continued stabilisation of the UK market in both luxury watches and jewellery following a period of challenging macroeconomic conditions in the prior financial year”.
In the first half of the currency financial year, the company said it is increasing showroom stock levels in the US "to enhance displays and client experience", with growth in the US still expected to be weighted to the second half of its fiscal period.
WoS maintained full-year guidance set out in July, with the luxury watch merchant expecting full-year revenue of between £1.67 billion and £1.73 billion, reflecting constant currency sales growth of 9%-12%.