Watches of Switzerland boss clocks up a bumper pay rise
The chief executive of Watches of Switzerland saw his pay packet nearly double to £1.3 million following a record year for Britain's largest Rolex seller, as wealthy American shoppers drove sales of luxury timepieces.
Brian Duffy's total compensation rose 85.9 per cent from £710,271 the previous year, primarily due to a £750,000 bonus—more than four times his 2025 award. The substantial increase came after the group exceeded its £147 million annual profit target, delivering a record £154.8 million in the 12 months to May 2026.
Duffy, who has led the company since 2015, maintained his base salary at £500,000, unchanged throughout his tenure. He also received £73,793 in taxable benefits, including a car and accommodation allowance.
US expansion drives growth
The retailer's performance has been fuelled by robust demand in the United States, where affluent consumers continue purchasing prestigious brands including Rolex and Omega. The company, which operates 191 showrooms across the UK and US—including 81 dedicated mono-brand boutiques—identified the American market as its largest by both sales and profit.
The group entered the US in 2017 through its acquisition of Mayors, a jewellery and watch retailer founded in 1910. Since then, it has pursued aggressive expansion, including a major acquisition spree in November 2021 when it purchased five stores, and most recently completed the acquisition of Deutsch & Deutsch in January 2026.
The US market is underdeveloped, providing significant growth opportunities for the group.
The global luxury watch market, valued at approximately £35 billion in 2026, continues to expand, with the US representing one of the largest markets worldwide.
Duffy, who joined the business in 2014 when it was valued at £300 million, has overseen its transformation into an operation generating approximately £1.8 billion in revenue. The company, which traces its roots to 1775 through its various brands and was established in its current form as a mail-order business in 1924, went public on the London Stock Exchange in May 2019 and is now a constituent of the FTSE 250 Index.
UK market challenges
While sales improved in Britain, Duffy acknowledged operating in a "more subdued consumer environment" domestically. The company's longstanding relationship with Rolex—its Goldsmiths brand became a Rolex agency in 1919—has been central to its success over more than a century of partnership.
Beyond financial performance, the group has expanded its charitable activities. The Watches of Switzerland Group Foundation, established in 2021, has received over £8.5 million in contributions to support partnerships focused on youth, education and disadvantage.
