SJX Watches
Pandemic Truths – Brian Duffy, CEO Watches of Switzerland Group
Having just gone public in May 2019, the Watches of Switzerland Group has a major presence in its home market of the United Kingdom, as well as the United States. Its revenue for the 2020 financial year was £819.3 million, or about US$1.02 billion, making it one of the world’s largest watch retailers. The man who led the group to its flotation on the London stock market is Brian Duffy. He was appointed chief executive in 2014, after Watches of Switzerland was acquired by American private equity outfit Apollo Global Management. Mr Duffy’s tenure has seen the group post strong growth and record sales. Just before lockdowns took effect in its primary markets in mid-March, sales were up 36.4% in the United States, while group revenue rose 15.8%. And it was expanding apace, having just acquired four stores from Fraser Hart, while renovating several of its existing stores. Then the pandemic hit. So what happens now? Mr Duffy shares his views on the current situation, and why he is optimistic about e-commerce as well as luxury watches. How did the pandemic affect your business overall? Obviously it was quite a shock. Our first concern was to ensure our staffs’ health and to maintain the whole workforce. We managed to keep all our people and worked on keeping spirits high everywhere. Our numbers were very good coming into the year – up 16% at the end of the fiscal year in April 2020 – but closing all stores across the UK and US slowed down this trend momentarily. O...
