LEICESTER, UK: Jewel UK Midco Limited, the parent company of The Watches of Switzerland Group Limited, the leading multi-channel luxury watch retailer in the UK and a leading retailer of luxury watches in selected regions of the US, is considering to undertake an initial public offering (IPO).[the_ad id=”32940″]The Company is considering applying for admission of its ordinary shares to the premium listing segment of the official list of the Financial Conduct Authority (FCA) and to trading on the main market of the London Stock Exchange (LSE).
Watches of Switzerland Group is the leading multi-channel luxury watch retailer in the UK and a leading retailer of luxury watches in selected regions of the US, a resilient luxury product category in two of the most important global markets for luxury watches
Under the leadership of Brian Duffy, CEO, Watches of Switzerland Group has undergone significant transformation since 2014. It has achieved strong and sustained profitable growth, improved operating margins, delivered strong returns on capital invested and established a well-invested platform for growth.
In 2018, Watches of Switzerland Group was recognised as the leading private mid-market growth company in The Sunday Times Grant Thornton Top Track 250 league table (based on sales).
Watches of Switzerland Group is a technologically advanced multi-channel retailer with a modern approach to retailing. Watches of Switzerland Group offers luxury watches and jewellery through its Watches of Switzerland, Goldsmiths, Mayors and Mappin & Webb stores, mono-brand stores, allied with a comprehensive e-commerce platform.
Watches of Switzerland Group has a 35% share of the UK luxury watch market by value of total luxury watch sales in 2018; and a 41% share of the UK luxury watch market by value of total luxury watch sales in 2018 excluding sales of mono-brand stores owned by luxury watch brands.
Brian Duffy, CEO of Watches of Switzerland Group said: “I am incredibly proud of the transformation Watches of Switzerland Group has undergone over the last five years to become the UK’s leading luxury watch retailer and successfully enter the important US market. Today’s announcement signals the next stage in that journey, leveraging our scale, retail and e-commerce expertise, and strong stakeholder relationships to continue our profitable growth strategy.
There are significant growth opportunities ahead of us, both in the UK and the US, many of which are already being realised. We have a proven track record, an experienced management team and strong brand support for our plans. At Watches of Switzerland Group we have the best teams in the business and credit for our success goes to them. We love what we do and I am very excited for what lies ahead and the opportunity to take our growth strategy to the public markets.”