Watches of Switzerland Forecasts Boom in Second-Hand Luxury Watch Sales, Unveils Growth Plan to Double Profits by 2028

Company to capitalize on pre-owned luxury market and expand luxury jewelry business with plans to spend between £350 million and £500 million on global showroom upgrades and acquisitions.

Watches of Switzerland expects a rise in sales of second-hand luxury watches, particularly through Rolex's certified pre-owned program. Anticipated contribution is about 20% of new Rolex sales in the US and 10% in the UK by 2028.
Despite fears of a slowdown in the luxury market due to economic downturn in China and high interest rates in the West, Watches of Switzerland insists that demand for luxury watches remains strong.
The company has unveiled a new growth plan aiming to double its sales and profits by 2028. This includes expansion of its luxury jewelry business and a minimum £350 million investment towards its global showroom network upgrades and acquisitions.
Reported quarterly revenues have seen a 5% increase, supported by an 80% surge in sales of pre-owned products. US sales have grown 4% YoY, taking the overall revenues for the quarter to £379 million.
Despite Rolex's recent acquisition of Switzerland's biggest Rolex retailer, Bucherer, resulting in a near 35% drop in Watches of Switzerland’s share value over the last year, the company reassured investors reporting a rise in shares by more than 12%.