Introduction to Luxury Watch Sales
Wednesday 13 August 2025 10:05 am | Updated: Wednesday 13 August 2025 10:06 am
A detail shot of the Richard MIlle watch of Charles Leclerc of Monaco and Ferrari during previews ahead of the F1 Grand Prix of Miami at Miami International Autodrome in May 2024. (Photo by Chris Graythen/Getty Images)
Sales at the Europe, Middle East and Africa arm of luxury Swiss watch brand Richard Mille have ticked past a major milestone as its growth streak continues.
The London-headquartered division has posted a turnover of CHF 404.4m (£371.2m) for 2024, up from the CHF £378.7m it achieved in 2023.
New accounts filed with Companies House also show its pre-tax profit grew in the year from CHF 147.1m to CHF 158.4m.
The latest figures mean that Richard Mille’s EMEA division’s turnover has increased every year since 2011, apart from the Covid-19 impacted 2020.
During 2024, Richard Mille’s European turnover increased from CHF 283.4m to CHF 302.2m and from CHF 95.3m to CHF 102.2m in the Middle East.
A statement signed off by the board said: “Sales for the first half of 2025 are in line with expectations with good indications for a strong second half of the year.
“Sales enquiries and boutique visitor numbers remain high and all regions continue to show signs of strong demand with long waiting lists for both new and existing models.
“Therefore management are confident sales targets will be met.”
Rise in Luxury Watch Sales
The results for Richard Mille’s EMEA division come after City AM reported in July that sales at luxury watchmaker Christopher Ward jumped by 50 per cent in its latest financial year fuelled by huge growth in the US.
The business, which was founded in 2004, has posted a turnover of £45.3m for the year to 31 March, 2025, up from the £30.5m it achieved in the prior 12 months.
The previous total was itself a huge rise from the £16.8m the firm reported for the year to March 2023.
Christopher Ward’s UK sales increased by 29 per cent in its latest financial year while its international turnover surged by 58 per cent.
In the US, its largest market, the firm’s sales jumped by 66 per cent.
However, earlier that month City AM also reported that Swiss watch brand Swatch warned its UK profit could continue to shrink as a result of Chancellor Rachel Reeves’ tax hikes.
The business has said the increase in employer’s National Insurance contributions – which were announced in October 2024 and came into effect in April this year – will increase operational costs.
Swatch added that the move could have potential impacts on profitability and business growth.
Impact of Tax Hikes on Luxury Watch Sales
The increase in employer’s National Insurance contributions is expected to have a significant impact on the luxury watch industry, with many businesses warning of potential job losses and reduced profitability.
However, some companies, such as Richard Mille and Christopher Ward, have reported strong sales growth despite the challenges posed by the tax hikes.
This suggests that the luxury watch industry is resilient and able to adapt to changing market conditions.
Future Outlook for Luxury Watch Sales
Despite the challenges posed by the tax hikes, the future outlook for luxury watch sales remains positive.
Many companies are investing heavily in new products and marketing campaigns, and there is a growing demand for luxury watches from consumers in emerging markets such as China and India.
Additionally, the rise of online shopping and social media has made it easier for consumers to discover and purchase luxury watches, which is expected to drive sales growth in the coming years.
Conclusion
In conclusion, the luxury watch industry has experienced strong sales growth in recent years, despite the challenges posed by the Covid-19 pandemic and tax hikes.
Companies such as Richard Mille and Christopher Ward have reported significant increases in sales, and the future outlook for the industry remains positive.
However, the industry is not without its challenges, and companies will need to adapt to changing market conditions and consumer behavior in order to remain competitive.
Frequently Asked Questions
Q: What is the current state of the luxury watch industry?
A: The luxury watch industry is currently experiencing strong sales growth, despite the challenges posed by the Covid-19 pandemic and tax hikes.
Q: Which companies have reported strong sales growth in the luxury watch industry?
A: Companies such as Richard Mille and Christopher Ward have reported significant increases in sales.
Q: What is the future outlook for the luxury watch industry?
A: The future outlook for the luxury watch industry remains positive, with many companies investing heavily in new products and marketing campaigns, and a growing demand for luxury watches from consumers in emerging markets.
Q: How will the tax hikes affect the luxury watch industry?
A: The tax hikes are expected to have a significant impact on the luxury watch industry, with many businesses warning of potential job losses and reduced profitability.
Q: What can companies do to remain competitive in the luxury watch industry?
A: Companies will need to adapt to changing market conditions and consumer behavior, invest in new products and marketing campaigns, and focus on providing excellent customer service in order to remain competitive.
