An aggressive push into the United States is paying off for Watches of Switzerland as Britain’s “tourist tax” continues to weigh on its sales of luxury timepieces in its home market.
Seven years after the century-old Rolex seller opened its first American outlet in New York, revenues from operations across the Atlantic have already caught up with those generated in Britain and Europe.
Revenue in the US in the quarter to April 28 was up by 14 per cent on the previous year to £190 million. In Europe and Britain, however, revenue fell by 4 per cent to £190 million, “impacted by macroeconomic conditions in the UK”.
Brian Duffy, chief executive of the FTSE 250 retailer, said that the performance in Britain “continues to be
