To be precise, the waiting lists have been rebranded as “customer interest registration lists,” but according to WoSG CEO Brian Duffy, they are getting longer.
“The first quarter continued to be strong throughout, and we carried that positive momentum into the second quarter. Despite well-publicized concerns about the macro environment, demand for our products remains strong and the list of registered customer interest continues to lengthen,” said
Some shares rose nearly 4 percent in morning trading after reporting results for the 13 weeks ended July 31, the first quarter of the group’s fiscal year 2023.
This will be part of an annual capital expenditure of around ￡70-80 million for the current financial year, which includes new offices in the UK.
The forecast for the full year is in line with the FY22 year-end report, with revenues expected to be between ￡1.45 billion and ￡1.5 billion and adjusted EBIT profit of ￡172 million to ￡184 million.
The global luxury fake watches industry’s record sales revenue was poured into more advertising and promotions this year, including the return of “Watches & Wonders” in Geneva at the end of March.
That, in turn, helped retailers like Swiss Watch, Mr. Duffy said.” The luxury watch market is vibrant, he said, “with exciting new product and marketing developments across a wide range of brands.
This upward trend may float all boats, but WoSG believes it has some unique competitive advantages.” In a large, fragmented and growing market, we are benefiting from our unique business model – namely, our investment in leading-edge store design, the strength of our brand partnerships, our international scale, our bold marketing campaigns, our advanced systems technology, and our dedication to the customer experience,” said Mr. Duffy.” We continue to focus on attracting new customers and expanding our market share in the U.K. and the U.S.,” he added.
Dark clouds of economic storms are gathering, a global cost-of-living squeeze is hurting household spending as inflation soars, and prices on the secondary market are falling as dealers sell off overheated models. However, if WoSG is bothered, it’s not showing.
“We continue to monitor the broader macroeconomic environment, but we believe that the strength of the luxury replica watches category, and its unique supply/demand dynamics, combined with the success and agility of our model, will continue to support strong sales growth that is sustainable over the long term,” the company said.
