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 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 growing 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.
We have developed 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 acquisition of 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. 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 integrated IT systems are based on a single SAP platform powering showroom point of sale, CRM, reporting solutions, live inventory availability and operations. This single platform enables rapid expansion capabilities 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.
High barriers to entry created through national coverage in the UK, with a portfolio of 137 showrooms, and a growing and significant presence in the US, comprising 59 showrooms as at (26 October 2025).
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 demonstration of this financial discipline in action.
Cash generation: The strong, consistent generation of cash is fuelled by strict working capital management, with sufficient liquidity to fund growth and to provide for potential acquisition opportunities.
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 FY25 the Group commenced a £25 million share buyback programme.
We are committed to building a great place to work by giving people every reason to join, grow and stay with our Group. We recognise the many benefits a diverse and inclusive workforce can bring.
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. We are proud to have been Great Place to Work-Certified™ during the year in both the UK and US.
The Watches of Switzerland Group Foundation launched in 2021 and 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.
During the year, we transitioned to 100% renewable energy across our Group, backed by guarantees of origin, and successfully trialled a new energy management system to improve efficiency and reduce costs in our most energy intensive sites.
We also strengthened our procurement function, introduced a new supply chain management system and ran our first UK marketing campaign dedicated to promoting pre-owned watches in support of a more circular economy.
