Watches of Switzerland to shut 16 stores across UK despite luxury boom

Watches of Switzerland has confirmed plans to close 16 of its UK showrooms, putting around 40 jobs at risk, despite the company recently celebrating the launch of one of Europe’s largest Rolex boutiques in London.

The high-end watch retailer, headquartered in Leicestershire, said the decision followed a review to keep operations “efficient and productive.” The closures come as a bit of a surprise given the brand’s recent expansion—opening 22 new showrooms, refurbishing 15, and acquiring another 15 through Ernest Jones in the last financial year alone.

A spokesperson from the company explained, “Whilst we intend to continue growing our showroom estate organically and by acquisition, following a recent review, we have regrettably made the difficult decision to close 16 showrooms in the UK.”

The exact locations of the closing stores haven’t been revealed yet, but staff affected by the shake-up are being offered redeployment where possible. The company, which employs 709 people in support roles, said about 40 of those roles could be made redundant, reported the Sun.

In their statement, the group said their “priority is to support all affected colleagues,” and added that their support services were also being reviewed as part of efforts to align with future growth plans.

Despite the cutbacks, the luxury watch market continues to thrive, and the company clearly still sees long-term potential. The newly opened Rolex boutique in London is a bold statement of intent, even as they tighten up elsewhere.

It’s a tough moment for the staff impacted, but the brand insists the changes are necessary to ensure they can keep pace with evolving retail demands.