COMPANY PROFILE -Watches of Switzerland
Business Sector :Luxury Watches
Operating Geography :United Kingdom, Europe, Global
About Watches of Switzerland :
Watches of Switzerland is a British company that sells Swiss watches. Braunstone, England serves as the location of the business's headquarters. In 1924, the business was established in Ludgate Hill. A variety of watch and jewelry aftercare services are also provided to consumers by the company, along with jewelry, fashion, classic, and luxury timepieces. Rolex, Patek Philippe, Audemars Piguet, Cartier, OMEGA, TAG Heuer, Breitling, and Tudor are just a few of the company's watch brands. It sells watches through its stores with the trademark brands Watches of Switzerland, Mappin and Webb, Goldsmiths, and Mayors. It has roughly 171 core outlets spread out over the US and the UK and it also features seven online stores. Its multi-channel presence has been developed through a network that consists of travel retail multi-brand stores, online marketplaces, and a portfolio of mono-brand boutiques. The portfolio of the company includes 40 locations in the United States and 131 stores in the United Kingdom as of 2022. The Watches of Switzerland Group reported that it has begun 2023 by opening its first Omega store in Stockholm.
The USP of Watches of Switzerland lies in its being an internationally renowned modern, leading retailer of the most prestigious luxury watch brands in the world with long-standing partnerships with the most prestigious luxury watch and jewelry brands. The mission statement of Watches of Switzerland reads, "Our vision is to be the best luxury watch and jewelry retailer in the markets that we serve".
Watches of Switzerland Revenue :
£1,238 million - FY ending 31st March 2022 (y-o-y growth 36%)
£ 905.1 million - FY ending 31st March 2021
Competitive Analysis of Watches of Switzerland
The SWOT analysis for Watches of Switzerland is presented below in a matrix followed by the detailed analysis report:
| Strengths | Weaknesses |
1. Loyal, diverse, and multi-generational customer base.
2. Strong network expansion across both the markets.
3. The group has been selected to operate mono brand boutiques on behalf of their brand partners.
4. A well invested portfolio of multi-channel leadership.
5. Strongly focused on creating overall value for clients.
| 1. Concentration of luxury watch supply among a limited number of brand partners. |
| Opportunities | Threats |
1. Strong track record of growth of the luxury watches market, especially Swiss watches.
2. United Kingdom is the fifth largest market for Swiss watches.
3. Strong barriers to entry in the luxury watch segment.
4. Limited supply capacity for Key brands.
5. Unlike most other businesses today there is very little threat of pureplay digital development.
6. Strong growth opportunity in the US market.
| 1. Increase in cyber-attacks.
2. Estimated expenditure downturn on expensive and discretionary products.
|
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Detailed SWOT Analysis of Watches of Switzerland
Strength
This section is available only in the 'Complete Report' on purchase.
Weakness
This section is available only in the 'Complete Report' on purchase.
Opportunity
1. Strong track record of growth of the luxury watches markets, especially Swiss watches: Over the years the luxury watch market has shown a strong track record of growth, with 92% of luxury watches as a percentage of total global watch exported, being from Switzerland in 2020. The luxury watch industry traditionally enjoys high barriers to entry and hence well protected from new competitors. The industry has historically witnessed long-term growth held by continued investments and elevated innovation. Luxury watches have continued to be supported by long term increases in prices, with average selling price of Swiss watch exports (wholesale) generating a 20-year CAGR of +3.4% (2020 vs 2000). Furthermore, the topmost segment of the market outperformed the lower end and represent 93% of the value of global Swiss watch exports in 2021 whereas in 2000, luxury watches represented 38.7% of the value of all Swiss watch exports.
2. United Kingdom is the fifth largest market for Swiss watches: In the UK, the fifth largest market for Swiss luxury watch export, the group recorded a total of £1.7 billion worth of retail sales in luxury watches in 2020. The UK market had always been a profitable one for the group, and has a sophisticated domestic client base which has typically had a preference for the sports luxury watch category. In comparison to the mainland Europe the UK market has consistently grown at a faster rate in spite of disruptions from Covid-19. The United Kingdom being the group’s primary market gives them a great opportunity to further bolster their position and strengthen their financials. With a 10-year CAGR of 6.7% the UK market for luxury watches has proven itself to be resilient and poses a wonderful opportunity for the group.
The remaining section under "Opportunity" is available only in the 'Complete Report' on purchase.
Threat
This section is available only in the 'Complete Report' on purchase.
The PESTLE analysis for Watches of Switzerland is presented below in a matrix followed by the detailed analysis report:
| Political | Economical |
1. Political instability in UK leading to uncertainty in policymaking
2. Conflict in Ukraine may affect the company’s expansion plans in the rest of Europe.
| 1. Record inflation and rising interest rates.
2. Higher income demographics, the group’s major customers, are largely unaffected by cost-of-living pressures.
|
| Social | Technological |
1. Challenges posed by COIVD-19.
2. Strong value retention.
| 1. Rising risks of cyber-attacks.
2. Effects of crypto meltdown on luxury watch market.
|
| Legal | Environmental |
| 1. Tourists unable to reclaim sales tax on items purchased in the UK. | 1. Operational and financial impact of climate change.
2. Leveraging technology to mitigate environmental impact
|
On purchase the Watches of Switzerland SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
Detailed Pestle Analysis of Watches of Switzerland
Political
This section is available only in the 'Complete Report' on purchase.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
1. Rising risks of cyber-attacks: With increasing integration over internet businesses are more exposed to cyber-attacks than ever. The increased sophistication and frequency of such attacks points the importance of data protection laws and information security risks facing all businesses. Any security breaches in the Watches of Switzerland Group’s or any related third party’s IT system could compromise sensitive and confidential information and affect the group’s reputation. Theft or loss of Company or client data or potential damage to any systems from viruses, ransomware or other malware could result in fines and reputational damage to the business that could negatively impact on their sales. To mitigate the risks arising from such events the group has made significant investment in systems development and security programs. Further a Data Protection Committee meets regularly to review related processes and emerging risks.
The remaining section under "technological" is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
This section is available only in the 'Complete Report' on purchase.
Major Competitors :
- Govberg Jewelers
- Berry’s Jewellers
- Tourneau
- Shreve & Co.
- TheWatchery.com
Major Brands :
- Rolex
- Patek Philippe
- Hublot
- Omega
- Montblanc
- Seiko
- Rado
- Chanel
- Tissot
On purchase the Watches of Switzerland SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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References used in Watches of Switzerland SWOT & PESTLE Analysis Report
1. Annual Report - https://www.thewosgroupplc.com/media/0iwl15d0/6426-wos-ar21-21-07-30-web.pdf
2. Watches of Switzerland defies downturn with high demand for luxury brands - https://www.ft.com/content/987c6839-83e1-4c2f-a8f6-a4a623cac6f7
3. Rising interest rates will hit already weak UK economy, output shows - https://www.theguardian.com/business/2022/jul/22/uk-interest-rate-rises-weak-economy-output-private-sector-manufacturing-services
4. FBI director calls increasing Chinese cyber attacks a threat to Wall Street and Main Street - https://www.foxnews.com/politics/fbi-director-calls-increasing-chinese-cyber-attacks-a-threat-wall-street-main-street
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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Watches of Switzerland SWOT and PESTLE analysis has been conducted by Uttiya Majumder and reviewed by senior analysts from Barakaat Consulting.
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