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Christopher Ward reported gross sales of about £30.5 million for its fiscal yr ended March 31, 2024, up from about £17 million the yr earlier than. Pre-tax revenue rose to virtually £4 million from lower than £300,000 the yr earlier than, in accordance with publicly obtainable paperwork. France mentioned the corporate grew each gross sales and revenue in its most up-to-date fiscal yr because the Christopher Ward bucked the business development of a downturn in demand and gross sales.
In distinction, Audemars Piguet posted gross sales of about 2.4 billion CHF in 2024, in accordance with analyst estimates. Rolex gross sales have been about 10.5 billion CHF, in accordance with Morgan Stanley estimates. France mentioned that Switzerland was in a robust negotiating place with the US to have the tariffs decreased or eradicated, as there isn’t any equal US luxurious watch business to guard. He expects a deal to be reached however can also be resigned to the truth that some kind of tariffs are prone to stay in place so long as the present administration is in energy.
For the time being, costs US prospects pay for equipment equivalent to bracelets from Christopher Ward will rise even greater than completed watches. That is as a result of they’re made in China and are topic to tariffs of greater than 100%. Christopher Ward is supporting initiatives by the UK authorities to spice up commerce with different nations by hanging potential new bilateral commerce agreements with international locations like India, Canada, Australia, and Singapore that might assist offset the anticipated downturn in US gross sales.
Keep tuned to Hodinkee for extra on the creating results of the US tariffs.
