e recently interviewed a broad selection of managers, active in a variety of segments, to help us identify the major trends within the watch industry.
Our Q&A with Brian Duffy – Watches Of Switzerland.
Europa Star: What are your strategic priorities for 2023?
Brian Duffy: In 2021, we set out our Long Range Plan and strategic objectives for the following five years. So for 2023, we’re continuing to focus on these aims of strengthening our market-leading position in the UK, becoming the market leader in the US and capitalising on the growth potential in Europe. We’re extending market presence both in the UK and internationally through a pipeline of exciting new projects including new showrooms in Manhattan and New Jersey, a flagship Rolex Boutique on Bond Street and new stores in Europe. I think we are well positioned to continue this strong momentum thanks to our proven business model, long standing partnerships with prestigious brands, bold marketing and dedication to client service through well invested showrooms and digital channels.
- Brian Duffy
Which brands or types of brands do you think have the highest potential for growth this year?
There is no one specific brand I would pinpoint as having the highest growth potential as we’re seeing consistently high demand across all our brands. The luxury watch industry continues to go from strength to strength as demand continues to exceed supply. We’re also seeing this dynamic across smaller brands that are less supply-constrained, showcasing the real strength of the category.
The emergence of the secondary market represents a major new development. Are you taking any steps to build a presence in preowned?
We are actively growing our pre-owned business in the US and UK. In the US, we acquired the Analog/Shift brand and have invested in the brand and in a new website. We have introduced Analog/Shift to selected stores and also expanded our national service and repair centres in the US and UK to process more products. We’re also looking forward to participating in Rolex’s new CPO programme as an authorised retailer, a development that is bringing discipline and confidence to the pre-owned category. We’ll continue to bring our trusted client service, luxury showroom experience, omnichannel offer and luxury watch expertise to a sector that has historically seen considerable grey market activity.