By Amber Murray
Watches of Switzerland Group (WOSG) has warned scores of its products in America will see price increases due to Trump鈥檚 10 per cent tariff on non-US goods.
The London-listed company, which sells luxury timepieces from Patek Philippe, Rolex, and Audemars Piguet 鈥 amongst others 鈥 said the price increases from partners was in the mid-single digits so far.
The firm said the long-term impact of the tariffs 鈥渞emained uncertain鈥.
鈥淲e are in regular dialogue with our brand partners, but it is too early to comment on the potential sector impact of further changes,鈥 WOSG said.
Trumps鈥 鈥楲iberation Day鈥 tariffs 鈥 which originally slapped a 31 per cent levy on Switzerland 鈥 led to a 20 per cent drop in WOSG鈥檚 share price as investors feared huge price increases.
Peel Hunt warned that a drop in sales would have a significant negative impact on WOSG, which has pinned its turnaround hopes on an uptick in US sales.
鈥淥ur forecasts have most of the group鈥檚 growth coming from the US. We will wait until the economic backdrop calms and see how the US consumer responds鈥 but the risk is clearly to the downside,鈥 Peel Hunt said at the time.
Overall Swiss watch exports to the US have already started to slow. Sales fell 9.5 per cent in May, according to new figures from the Federation of the Swiss Watch Industry (FH), reversing a recovery in sales that has been brewing since the start of the year.
Watches of Switzerland boosts annual revenue
WOSG updated markets on its annual performance, which covers the year to April 27.
Revenue grew eight per cent to 拢1.6bn, driven by US growth of 16 per cent.
Adjusted earnings before interest, tax depreciation and amortization (EBITDA) grew eight per cent to 拢192m, while operating profit fell five per cent to 拢114m.
鈥淚 am proud of the strong performance our team has delivered鈥 [the 2025 financial year] was a busy year for the Group as we continued to deliver on our strategy at pace,鈥 CEO Brian Duffy said.
鈥淎s we look ahead, whilst we are of course remaining mindful of the broader macroeconomic and consumer environment, including potential US tariff changes, we remain confident in the strength of our diversified business model, our strong pipeline of showroom openings and growth projects, and the resilience of the luxury watch and luxury branded jewellery categories.鈥