Business model
The following characteristics of our Group are considered a key differentiator to our competitors and create a high barrier to entry for new entrants into the market.
How the Group creates value
Our strong and long-standing relationships with the most recognised and prestigious luxury watch and jewellery brands have been forged over many years and include new relationships with developing brands.
We collaborate with our long-standing luxury watch and luxury jewellery brand partners to elevate and expand their distribution and partner on-demand forecasting, product launches, showroom projects, online, clienteling, marketing events and learning and development for all our colleagues.
Our clients purchase our products through our retail network of directly operated showrooms. These include multi-brand showrooms, a presence in travel retail, online and a portfolio of mono-brand boutiques in partnership with our brands.
Our well-invested showrooms are luxurious, open, welcoming, contemporary, spacious, nonintimidating and browsable. The design concept is regularly assessed in order to ensure we continue to appeal to a broad client demographic and drive high levels of productivity across our estate.
We offer an extensive choice of brands and products in the world of luxury watches and jewellery. We aim to make our clients feel welcome through unintimidating, inviting, browsable, modern and luxurious environments in our showrooms, along with a market-leading online offering.
Our showroom colleagues provide expertise and knowledge to ensure
an exceptional client experience through extensive learning and development and our industry-leading Xenia Client Experience Programme.
We deliver impactful marketing, focused on digital communications, Client Relationship Management, PR, client experiences and co-operative activity with brand partners. Our editorial content across watches and jewellery provides an authoritative voice within our market, while the Hodinkee business accelerates the Group’s online leadership.
Our multi-channel model spans a well-invested showroom network, with flagships, regional showrooms, travel retail and mono-brand boutiques complemented by market-leading ecommerce platforms, all complemented by Hodinkee, the editorial authority on luxury watches.
The Group has a truly multi-channel approach, which includes Click & Collect, an appointment system and the Luxury Watch and Jewellery
Virtual Boutique.
Technology: Our retail operations are supported by integrated IT systems, including a core SAP platform, powering showroom point-of-sale, CRM, reporting solutions, live inventory availability and operations. This platform supports scalable expansion in new markets or through acquisitions.
Merchandising: Dynamic inventory management optimises stock availability, enhances showroom productivity and in the UK, allows for nationwide coverage, giving us a key competitive advantage.
Retail operations: We aim to continually drive productivity and profitability, with a high level of accountability and performance management.
A strong competitive position, built on national coverage in the UK, with a portfolio of 126 showrooms, and a growing and significant presence in the US, comprising 65 showrooms as at 3 May 2026.
Through focused investment we drive growth, generate shareholder value and ensure the long-term sustainable future of the Group.
Financial performance: We run all our showrooms to be profitable, leveraging showroom and central overheads through top line growth with strict investment criteria on projects or investment opportunities. The closure of low profitability showrooms in the UK is a demonstration of this financial discipline in action.
Cash generation: Strong, consistent cash generation is supported by disciplined working capital management, with sufficient liquidity to fund growth and acquisitions, including the recent acquisition of a majority stake in Deutsch & Deutsch. We take a disciplined and data-led approach to return on investment, aiming to deliver long-term sustainable earnings growth whilst retaining financial capability to
invest in our business and to execute our strategic priorities, before returning to shareholders any surplus capital above and beyond those requirements, as appropriate.
In FY26, the Group completed a share buyback programme, returning £25 million to shareholders.
We develop our colleagues through significant investment in training and development. This is supported by promoting an open and inclusive environment through listening to our colleagues.
The Watches of Switzerland Group Foundation launched in 2021 supports a number of causes, with an emphasis on helping poor and vulnerable people out of poverty.
We are committed to always ‘doing the right thing’ to protect our planet and ensure our products are responsibly and sustainably sourced.
We continue to progress towards our goals to decarbonise by 2050, build climate resilience and preserve natural resources by understanding our decarbonisation levers, developing our climate transition planning and enhancing the resilience of our business to climate-related risks and opportunities.
