Top Rolex Seller Sees Signs of Stability in UK Watch Market.

Watches of Switzerland Group Plc, the top seller of Rolex watches in the UK, has reported signs of stability in the premium and luxury watch market after a decline in sales due to the Covid-19 pandemic. The company experienced a 5% decrease in sales in the UK and Europe in fiscal year 2024, attributed to economic uncertainty and conflicts in Ukraine and the Middle East. However, Watches of Switzerland expects these pressures to ease and has seen strong performance in its US stores and sales of used Rolex watches. The company's shares have fallen this year due to concerns about losing market share after Rolex acquired Bucherer AG. Watches of Switzerland also noted that sales of used watches, including certified pre-owned Rolex models, have doubled and are now the company's second-largest source of revenue. The company maintains its forecast for 2025 and a long-term goal of doubling sales and earnings by 2028. [Extracted from the article]

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