Watches of Switzerland: CFO Transition Amidst Strong Growth

Watches of Switzerland, one of the UK’s leading luxury watch retailers, has announced a change in its financial leadership.

Current CFO Bill Floydd is set to step down from his role on 12 May 2023, by mutual agreement with the group. The transition will mark the return of former CFO Anders Romberg to the position, adding another chapter to his already extensive history with the company.

The Experienced Successor

Romberg previously held the CFO title at Watches of Switzerland from 2014 to 2021.

His deep knowledge of the group, combined with his proven track record of financial leadership, make him well-equipped for the role. Notably, Romberg also brings with him a thorough understanding of the specialist luxury watch and jewellery categories, making him a strong asset for the Leicester-based retailer.

CEO Brian Duffy expressed his appreciation for Floydd’s contributions to the group, stating, “On behalf of the board, I would like to thank Bill for his valuable contribution to the group and we wish him well for the future.” He also shared his enthusiasm about Romberg’s return, noting, “I am delighted that Anders is rejoining the business. I look forward to working with him again.”

Romberg’s Return

Anders Romberg also shared his optimism about rejoining the Watches of Switzerland team, stating, “I am very pleased to be returning to the Watches of Switzerland Group and to once again be working alongside Brian and the team to deliver our long-term strategy and to capitalise on the wealth of growth opportunities available to us.”

Company Performance and Future Outlook

This leadership transition comes at a time when Watches of Switzerland has been enjoying notable growth.

The company has reported strong trading figures, with Q3 revenue rising to £407 million, marking a 17% increase on a reported basis, and a 12% currency-neutral increase.

Over the first nine months of the fiscal year, the group saw its revenue rise to £1.17 billion, reflecting a 25% reported increase and a 19% currency-neutral increase.

Continued Expansion Amid Challenges

The group’s robust performance has led to an aggressive store expansion programme, with the company capitalising on the opportunities presented in the market, even amid the challenges posed by the pandemic.

With Romberg’s return, the leadership at Watches of Switzerland remains optimistic about the company’s ability to continue its upward trajectory and to further solidify its position in the luxury watch and jewellery market.