Watches of Switzerland sets its sights on more US acquisitions
Luxury watch distribution is undergoing major changes, with many small, family-owned businesses unable to keep up with challenges of e-commerce
Basel— Watches of Switzerland expects to make further acquisitions in the US, which it first entered in 2017 with the purchase of jeweller Mayors, its CEO said. Owned by US-based private equity firm Apollo Global Management, Watches of Switzerland has since opened several stores, including in Las Vegas and New York. “Could we add other businesses? Very easily,” Brian Duffy said at this week’s Baselworld watch fair. The Watches of Switzerland group, which sells brands such as Rolex, Richemont’s Cartier and Swatch Group’s Omega, as well asmore than 130 showrooms, is the biggest watch retailer in Britain and a candidate for a stock market listing. Luxury watch distribution is undergoing major changes, with many small, family-owned businesses unable to keep up with the challenges of e-commerce, while watch brands are shutting down shops which do not meet their standards. “If it’s a quality business, the right location of stores and support from the brands, it would be obvious that we’d ...
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