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It’s hard to imagine the watch world without Watches of Switzerland. It dominates it. Not just in size – hello, 155 Regent Street – but in sheer scope. When it last counted in 2023, it had 150 showrooms in the UK, 47 in US and six in Europe and that doesn’t include the mono-brand boutiques it has set up with the likes of Audemars Piguet, Omega, TAG Heuer, Breitling, Tudor, Grand Seiko, Bulgari and FOPE. Or, indeed, the seven Rolex monos in the UK and the US, including an ambitious three-storey paean to the Crown that is currently under construction on Bond Street, in a space previously occupied by Gucci.
It hasn’t always been this big. Watches of Switzerland started life in an office at 26 Ludgate Hill, not far from St Paul’s Cathedral. Originally named G&M Lane, it was set up by Maurice Lane to sell watches from Switzerland by mail order. By the 1960s things had changed dramatically and the retailer had built such a name for itself that watch brands began to advertise its collaboration with the retailer, effectively turning it into a luxury brand in its own right. The 1970s saw the opening of the first mono-brand Rolex boutique, kickstarting the partnership that would lead to the two’s continued synergy today.
It wasn’t all easy wins and champagne toasts, however. In 1988 Watches of Switzerland was acquired by Ratners – the eponymous group owned by the man who famously told the Institute of Directors, in a speech at the Royal Albert Hall in 1991, that a pair of earrings in his store was cheaper than an M&S prawn sandwich. And that said sandwich would probably last longer than the earrings. Watches of Switzerland was sold to Asprey in the early 1990s. It was then the subject of a management buyout from Asprey in 1998, and acquired by the Baugur Group, an Icelandic investment company, in 2005, along with Mappin & Webb. After that, it was bought by Landsbanki – one of Baugur’s biggest creditors – after Baugur was hit by the financial crisis that devastated Iceland in 2008. Finally, it came under the control of US asset management firm Apollo Global Management in 2013.
The ascension of Watches of Switzerland really started in 2014, when new management took over with Brian Duffy as CEO, who vastly transformed the company and how it operated, setting it on the path to the success it enjoys today. As well as clever thinking on the new management’s behalf there have been other factors at play that have bolstered the luxury watch retail scene in general. “The market today began in the post-quartz crisis period when the brands realised and focussed on the market as a luxury market, leading to investment in product innovation and quality and brand equity,” explains Duffy. “The market is over 90% Swiss and the Swiss approval of long-term market and brand management makes the category what it is today.”
It was this new way of thinking that allowed Watches of Switzerland to open 155 Regent Street. This store, if you can call it that, was unlike anything on the watch retail scene. It housed 20 brands, with 12 individually branded boutiques for the likes of Rolex, Patek Philippe, and Jaeger-LeCoultre. You had over 6,000 watches to choose from, a concierge service, a VIP area with on-site catering and champagne. If that wasn’t enough, the lower floor had interactive video screens hosting cutting-edge digital experiences to take you deeper into the world of watches. It was basically a three-storey playground for watch lovers. Or as Duffy more modestly puts it: “We build stores that are welcoming and non-intimidating, and we appeal to a broad audience. Scale is key to enabling investment in technology, digital and an ever-improving client service.”
It’s not just the eye-catching brands that Watches of Switzerland champion, it has made a point of being a platform for independents as well. One such brand is William Wood, a luxury British brand that makes timepieces from upcycled fire-fighting materials. “As a proud stockist of Watches of Switzerland we have always admired their passion for sustainability within the industry,” says CEO Jonny Garrett. “Being the bell-weather of the luxury watch retailer market, it is great to see them lead by example. As a brand who upcycles decommissioned firefighting materials into our watches, their focus on sustainability was a driving force to us working together.” As well as being a formidable presence in the UK, including floating on the London Stock Exchange, Watches of Switzerland has opened in airports, acquired Betteridge and Timelesss Luxury in the US, vintage e-tailer Analog Shift, and been named a Rolex certified pre-owned retailer.
To celebrate its 100th anniversary it has a selection of collaborations with chosen brands. The celebrations were kicked off with a gorgeously pared-back gold Tank Louis Cartier, with a dial adorned only with Roman numerals at 12 and six and navy-blue hour and minute hands. Also currently in the collection are a Zenith Chronomaster Sport chronograph, with a deep-blue ceramic bezel for the first time; a fabulous Girard-Perregaux Laureato with a dusky, blush dial; two Bulgari’s – one a Serpenti Seduttori with a lapis lazuli dial, the other an Octo Roma Automatic entirely in rich navy. The line-up is completed by a Doxa 200T with a minty-green dial and contrast gold-coated indices and hands. This is by no means the end; Watches of Switzerland plans to launch more celebratory limited editions throughout the year. And who can blame them, it’s not every day you turn 100.
Hero image watch: CARTIER TANK LOUIS CARTIER WATCHES OF SWITZERLAND 100TH ANNIVERSARY
