A worker arranging Rolex watches for display at a store in London.
Photo: Dan Kitwood/Getty ImagesCovid-19 shutdowns had a silver lining for luxury-watch connoisseurs: For once, they didn’t have to compete with well-heeled tourists for a Rolex or Patek Philippe.
Watches of Switzerland, which sells luxury wristwatches from shopping hot spots like New York’s Hudson Yards and travel hubs such as London Heathrow, said this week that comparable sales fell 28% year over year in its latest quarter. That’s not bad considering its stores were only open around a third of their usual trading hours and the business runs airport boutiques. By July, sales were growing again—up 7.4% compared with the same month of 2019.
As tourists stayed away, local watch aficionados didn’t miss a beat. The company usually does one-third of its business with overseas visitors during the summer months, but their share of sales dropped to just 3% in the quarter. That meant less competition for Rolexes and Patek Philippes—watch brands so coveted that they usually have long waiting lists. As neither company sells online, only domestic collectors got in-person appointments to buy when Watches of Switzerland’s U.S. and U.K. stores began to reopen.
The news came as a pleasant surprise to investors—the company’s shares were up 24% Thursday. It’s just a shame they can’t buy into the watchmakers themselves, which are both privately held. For the best brands, business is ticking along nicely.
Write to Carol Ryan at carol.ryan@wsj.com
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