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New York, NY--Watches of Switzerland has reported record revenue of £1.65 billion ($2.24 billion) for the past financial year, marking a 7 percent increase in sales as demand for luxury products rose in both the US and the UK, according to a news release by the company.

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Revenue in the UK and Europe increased by 2 percent, while US sales grew by 14 percent. Sales of luxury watches rose 1 percent, while jewelry revenue surged 106 percent, driven by the acquisition of Italian jewelry brand Roberto Coin, the release noted.

Significant gains were recorded in the second half of the year, with sales increasing by 12 percent year-over-year. “Our US business has continued its excellent momentum, surpassing $1 billion in revenue for the first time, bolstered by the acquisition of Roberto Coin. The UK has returned to growth as trading conditions have stabilised,” said Brian Duffy, CEO of Watches of Switzerland Group.

Duffy added: “We are increasingly excited about Roberto Coin. Not only has it continued to trade well since acquisition, we see growing potential for this well-recognised brand in the large and growing US luxury branded jewelry market.”

When the acquisition was announced, Roberto Coin ranked as the sixth largest jewelry brand in the US, behind Tiffany & Co., Cartier, David Yurman, Van Cleef & Arpels, and Bulgari.

Looking ahead, Watches of Switzerland expects revenue to grow by between 6 and 10 percent in the coming year, though the company noted further guidance would depend on clarity around US tariff policy.

The group operates over 170 stores worldwide and is a major retailer of brands such as Rolex, Omega, Cartier, TAG Heuer, and Breitling.

Learn more in this news release.