Fashion
Watches of Switzerland says UK and US see “consistently strong trading” in H1
Published
September 3, 2025
Watches of Switzerland Group (WOSG) updated on its recent trading on Wednesday with the former high-flyer delivering good news about its core UK and US markets. This is despite the tariff carnage of recent months and was a positive development after a series of earlier weaker reports had sent its share price down over 40% this year alone.
The company last week became the latest big name to urge the government to restore VAT-free shopping for tourists (the lack of which has been dubbed a ‘tourist tax’). But it said it’s “pleased with our performance in the 18 weeks to 31 August 2025 and are on track to deliver a good H1 FY26 in line with our expectations. We have seen consistently strong trading throughout the period, particularly in the US, despite the announcement of increased tariffs on Swiss imports. The stability we saw in the UK luxury watch and jewellery markets during H2 FY25 has continued, and we have delivered good year-on-year growth. Registration of Interest lists continue to grow in both markets”.
It was also upbeat about “the success of the flagship Rolex Boutique on Old Bond Street, London, which is exceeding our expectations”. We’re told that the response from clients “has been excellent and traffic levels and conversion rates are very good. The Rolex Certified Pre-Owned salon on the lower ground floor is fast becoming the destination for Rolex aficionados”.
Clearly the combination of a Bond Street address and the Rolex brand is proving to be a winning formula, even though London shopping tourism remains muted due to the aforementioned tourist tax.
The company’s e-commerce sales have also shown good growth, particularly in the US following the upgrade of its signature webstore.
And the group’s “well-established” Certified Pre-Owned business is “growing well in both markets, and we see significant opportunity for growth in this dynamic category”.
The firm’s earlier acquisition (in May 2024) of Roberto Coin Inc is “performing strongly” too. The company plans to “grow and develop the Roberto Coin brand” and has launched a campaign featuring Dakota Johnson as global brand ambassador.
Looking at the wider WOSG business, it said that “elevation and brand expansion within our own showrooms is proving very successful. We continue to develop and refine the offering and there are opportunities to extend this to our retail partners”.
It’s signed leases for three monobrand boutiques and the construction of newly designed boutiques in Miami, New York and Las Vegas is under way with openings due in Q3 of its 2026 financial year, which means they’ll be open before the end of November.
Showrooms remain a big focus for the business and it has recently refurbished Northern Goldsmiths, Newcastle, which has been retailing Rolex since 1919, as well as opening the Audemars Piguet AP House, Manchester, operating as a joint venture.
The new Mappin & Webb Luxury Jewellery Boutique, Manchester is now complete and opens this week. This jewellery boutique has geographical exclusivity for several luxury jewellery brands, including WOSG’s first De Beers monobrand boutique.
Outside of its domestic market, the relocated Mayors Lenox, Atlanta also opened last month. And the Q4 FY25 openings of Mayors Jacksonville, Florida and Watches of Switzerland Plano (its first showroom in Texas) “have got off to an encouraging start”.
Further showrooms are being developed/opened for this financial year including the new Watches of Switzerland Southdale, Minneapolis and the relocation of Mayors University Town Center Sarasota, Florida. In the UK, it will complete the Mappin & Webb Birmingham conversion, the relocation of Goldsmiths Merry Hill, Birmingham and the expansion of Goldsmiths Oxford.
There’s a lot of activity happening and some major investment cash going into it. The company didn’t say what impact this is having on profitability and didn’t specify any monetary figures in the outlook it delivered on Wednesday. But it did say that “performance in both markets is encouraging and in line with FY26 guidance provided in July 2025. We do not anticipate any material impact from the US tariffs in H1 FY26 as brand partners have increased inventories as shown by Swiss Watch Exports in July 2025 (+45% vs prior year)”.
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Fashion
IMF to give specific attention to low-income, vulnerable nations
Such countries include fragile and conflict-affected states and small developing states, especially where debt and financing pressures are mounting, he noted in his statement.
The IMF will continue to support countries in their efforts to promote stability and growth, including through sound macroeconomic policies, domestic resource mobilisation and better governance.
The chair of its International Monetary and Financial Committee said this support will include specific attention to low-income and vulnerable countries.
The committee called for enhanced debt transparency.
“We remain committed to further improving debt restructuring processes, including under the Common Framework, building on the progress already achieved, and advancing the work at the Global Sovereign Debt Roundtable (GSDR) to ensure debt restructurings are delivered in a predictable, timely, orderly and coordinated manner,” he said.
The committee called for enhanced debt transparency from all stakeholders, including private creditors.
“We will advance structural reforms to enable private sector-led investment, increase productivity, safeguard energy security, and elevate medium-term growth prospects,” added Aljadaan.
Fibre2Fashion News Desk (DS)
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Germany firms raise investment plans, uncertainty persists: ifo
“The improved order situation in industry has brightened sentiment somewhat. However, as a result of the Iran war, energy costs have risen sharply, and uncertainty among companies has also increased. That runs counter to a stronger economic recovery,” said Timo Wollmershauser, head of forecasts at ifo.
Firms in Germany have raised investment plans, with ifo expectations rising to 0.2 points in March from -3.1 in December 2025.
Industry led gains, especially non-energy sectors, while energy-intensive segments and chemicals remained weak.
Services showed modest optimism, but trade stayed pessimistic.
Rising energy costs and geopolitical uncertainty temper recovery.
The most notable rise in the willingness to invest was in industry. Expectations rose to +0.1 points in March, up from -6.9 points in December. The outlook improved particularly strongly in non-energy-intensive industries, where significantly more companies were planning to expand their investments this year, ifo said in a press release.
In energy-intensive industries, however, the willingness to invest remains subdued. At -9 points in March, the balance remained virtually unchanged from December (-8.9 points). In the chemical industry, investment expectations even declined further, from -15.8 to -16.2 points.
Overall, the corresponding balance in manufacturing rose from -4.1 to +1.2 points. “Companies across all sectors also want to invest more in software. The growing use of artificial intelligence is likely to play a role in that,” said ifo economic expert Lara Zarges.
In trade, companies remain the most pessimistic. The balance of investment expectations stood at -9.6 points in March, virtually unchanged from the level in December. Service providers, on the other hand, confirmed their slightly positive outlook from December: Their investment expectations improved from +1.1 to +2.8 points.
The points for the ifo investment expectations indicate the percentage of companies that intend to increase their investments on balance.
Fibre2Fashion News Desk (SG)
Fashion
Global energy growth slows to 1.3% in 2025: Report
The report highlighted that although overall energy demand growth slowed compared with 2024 and remained slightly below the previous decade’s average, electricity demand rose by around 3 per cent, driven by increased usage across buildings, industry, electric vehicles, and data centres.
Global energy demand growth slowed to 1.3 per cent in 2025, while electricity demand rose around 3 per cent, driven by EVs, industry, and data centres, according to IEA.
Solar PV led supply growth for the first time.
Oil demand grew modestly, and coal growth slowed.
CO2 emissions rose slightly.
Renewables and nuclear expansion highlighted an accelerating shift towards cleaner energy systems.
Solar photovoltaic (PV) emerged as the largest contributor to global energy supply growth for the first time, accounting for over 25 per cent of the increase. Natural gas followed with a 17 per cent share, while renewables and nuclear together met nearly 60 per cent of additional demand.
Global oil demand rose modestly by 0.7 per cent, reflecting the continued expansion of electric vehicles, with sales surpassing 20 million units in 2025. Coal demand growth slowed overall, with declines in China offset by increases in the United States due to high natural gas prices.
“Global energy demand continued to increase in 2025 against a complex economic and geopolitical backdrop, with one trend unmistakeable: the expanding electrification of economies,” said Fatih Birol, IEA executive director.
He added that electricity consumption was growing much faster than overall energy demand, with one energy source outpacing all others. He noted that solar PV accounted for over a quarter of global energy demand growth for the first time, followed by natural gas, and added that countries prioritising resilience and diversification would be better placed to manage volatility and ensure secure, affordable energy.
Regional trends varied significantly. Energy demand growth in the United States rose sharply, supported by industrial activity, data centre expansion, and colder weather, while China’s growth slowed to 1.7 per cent due to rising renewable adoption and improved efficiency.
Global energy-related CO2 emissions increased marginally by around 0.4 per cent. Emissions declined in China and remained flat in India, aided by renewable deployment and favourable weather conditions, while advanced economies recorded higher emissions growth due to colder winter conditions.
In the power sector, solar PV generation surged by a record 600 terawatt-hours, marking the largest annual increase for any electricity generation technology. Battery storage emerged as the fastest-growing segment, with around 110 gigawatts of new capacity added, while nuclear energy also saw renewed momentum with over 12 gigawatts of new reactors under construction.
The IEA noted that cumulative deployment of low-emissions technologies since 2019 now offsets fossil fuel consumption equivalent to the entire energy demand of Latin America, underscoring the accelerating transition towards cleaner energy systems.
Fibre2Fashion News Desk (SG)
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