Luxury watch maker Richard Mille surpasses significant sales benchmark, marking a new chapter in its success story.
Luxury Watch Market in EMEA Shows Mixed Results
The luxury watch market in Europe, the Middle East, and Africa (EMEA) is experiencing a mixed bag of results, with some brands thriving while others are facing challenges.
Richard Mille
Swiss luxury watchmaker Richard Mille has reported a significant growth in its EMEA division. The turnover for the year to 31 March, 2024, increased from CHF 378.7 million (£332.5 million) in 2023 to CHF 404.4 million (£371.2 million) in 2024. This growth was also reflected in the company's pre-tax profit, which grew from CHF 147.1 million in 2023 to CHF 158.4 million in 2024.
Richard Mille's success is not limited to the EMEA region. The brand's Middle East turnover also saw an increase, rising from CHF 95.3 million in 2023 to CHF 102.2 million in 2024. Sales enquiries and boutique visitor numbers remain high, indicating a strong demand for Richard Mille's watches.
Christopher Ward
British watchmaker Christopher Ward has also experienced growth in its sales. The turnover for the year to 31 March, 2025, is reported to be £45.3 million, a significant increase from the £16.8 million reported for the same period in 2023. The brand's sales in its largest market, the US, jumped by 66% in its latest financial year. UK sales also increased by 29% in the same period.
However, detailed financial data specific to Christopher Ward's growth trends or regional breakdowns within EMEA were not available.
Swatch Group
Swiss watch giant Swatch Group has reported a decline of approximately 12% in its watch business in 2024 across luxury segments. This suggests a significant slowdown in demand or tougher market conditions in the EMEA luxury watch market.
Market Trends in EMEA
The luxury watch market in EMEA is undergoing a market correction with primary market declines but strong growth in the pre-owned segment. This trend mainly benefits brands with perceived long-term value and scarcity, such as Rolex and likely Richard Mille, as buyers seek investment-grade luxury.
The increase in employer's National Insurance contributions announced in October 2024 and effective from April 2025 will increase operational costs for Swatch. The company has expressed concerns about the potential impact on profitability and business growth.
Despite the challenges, management at both Richard Mille and Christopher Ward is confident that sales targets will be met for 2025. Sales for the first half of 2025 are in line with expectations, with a strong second half of the year anticipated.
| Brand | Recent Financial Trend in EMEA Market | Notes | |-----------------|----------------------------------------------------|---------------------------------------------------------------| | Richard Mille | Growth in EMEA division; strong demand across regions | High-end scarcity appeals during market correction | | Christopher Ward | Increase in turnover; growth in US and UK markets | Independent mid-luxury brand; susceptible to market softness | | Swatch Group | Decline in watch business in 2024 | Significant slowdown, reflecting broader luxury watch sales dip |
Read also:
- Condor Reveals Q2 Results for 2025 and Secures a $5 Million Bridge Loan
- More than half of British homes adhere to insulation standards established during the 1970s.
- While Éowyn's storm caused a massive €301 million in damages, fossil fuels maintain their position as the leading power source.
- Transition in Energy: Merz Administration Plans Enactment of Heating Revolution from 2026
