Watches of Switzerland has new acquisitions in the United States

Basel, Switzerland (Reuters) – Watches of Switzerland plans to make further acquisitions in the United States, first entered in 2017 with the purchase of jeweler Mayors, its managing director told Reuters.

Owned by American private equity firm Apollo Global Management, Watches of Switzerland has since opened several stores, including in Las Vegas and New York.

"Can we add other companies? Very easily, "said Brian Duffy during an interview at this week's Baselworld show.

The Watches of Switzerland group, which sells brands such as Rolex, Cartier, Richemont and Omega of the Swatch Group and has more than 130 showrooms, is the largest watch retailer in Britain and is a candidate for listing.

The distribution of luxury watches is changing, many small family businesses unable to meet the challenges of e-commerce, while watch brands are closing stores that do not meet their standards.

"If it's a quality company, good store locations and brand support, it would be obvious that we would be open. Probably over the next two years, we will do business in the area, "Duffy said of his plans in the United States.

Watches of Switzerland, which covers its eponymous stores, as well as Mappin & Webb, goldsmiths, mayors, Watchshop and Watch Lab are competing with competitors such as Bucherer, from Lucerne, who bought the American jeweler Tourneau last year. .

Last year, the company, which has been under Apollo's control for more than six years, said its owners were working with advisors to identify strategic options, including a potential public offering (IPO).

Duffy said that an IPO, if it happened, would most likely be on the London Stock Exchange.

"It would be good for our group, in size and scale, to have public ownership, reduced leverage, excellent governance and accountability, sources of capital if needed," he said. without giving more details.

Apollo refused to comment.

The group's turnover increased by 21%, reaching £ 685 million (2017), and its operating profit increased by more than one-third to £ 37 million, about twice as much as its level of acquisition by Apollo in 2013.