Investment case

Proven track record of delivering a strong, consistent financial performance with robust like-for-like sales, sustained profitable growth, elevated return on capital employed and strong cash generation

Long-standing, collaborative partnerships with the most prestigious and recognised Swiss luxury watch brands, with the top 7 brands accounting for c. 74% of Group revenue (FY20). The category of luxury watches has high barriers to entry and is underpinned by robust demand, proven value creation and supply-driven dynamics

Multi-channel leadership in luxury watches in the UK and significant and growing position in the US with a broad-reaching store network comprised of flagships, regional stores, travel retail and mono-brand boutiques, complemented by a leading ecommerce platform

Scale and national coverage in the UK and a significant and growing presence in the US, with a well-invested store network which provide an exceptional customer experience through welcoming and expert service and luxurious, open, contemporary, spacious and browsable environments

Operational excellence with bold, impactful, digitally-driven marketing and best in class merchandising capabilities, powered by leading edge, sophisticated and fully integrated IT systems

Well positioned to continue to build its leading position in the robust UK market and to become a leader in the US, a highly fragmented and under-invested market for luxury watches