Acquisition of four new US showrooms

Acquisition of Deutsch & Deutsch, an official distributor of Rolex, Roberto Coin, Cartier, OMEGA, TUDOR and other key luxury brands

The Watches of Switzerland Group ('the Group') is pleased to announce that it has completed the acquisition of Deutsch & Deutsch.

Deutsch & Deutsch is a family-owned luxury watch and jewellery retailer that has been operating in Texas, US since the 1920s. The business is an authorised distributor of Rolex, Roberto Coin, Cartier, OMEGA, TUDOR, TAG Heuer, Breitling and IWC Schaffhausen.

Deutsch & Deutsch has four showrooms operating in Texas: El Paso, Laredo, McAllen and Victoria. Two of these locations have recently undergone significant expansion and refurbishment to the highest standards of modern luxury, with planning underway for similar upgrades to the remaining showrooms. The showrooms are highly complementary to the Group's existing presence in Texas and will continue to trade under the Deutsch & Deutsch name, reflecting the local strength of the brand as it approaches its centenary. Tad and Aladar Deutsch will remain with the business and continue to play a key role in leading these showrooms post-acquisition.

For the financial year ended 31 December 2024, the four showrooms generated a combined annual revenue of $67 million with profitability in line with the Group's existing US retail business. We see opportunity to further enhance the product line-up by introducing further access to the wide range of luxury watch and jewellery brands sold by the Watches of Switzerland Group.

Following this acquisition, the Watches of Switzerland Group operates 25 Rolex anchored showrooms in the US.

The acquisition comprised the purchase of 88% of Deutsch & Deutsch, with an option to buy the remaining share capital. Strategic acquisitions are a key pillar of the Group's growth strategy and capital allocation framework. We expect this transaction to deliver attractive financial returns, in line with our successful track record of previous showroom acquisitions.

Brian Duffy, Chief Executive Officer of the Watches of Switzerland Group, said:

"We have admired Deutsch & Deutsch for many years and see this value-accretive acquisition as an excellent complement to our existing US showroom network, strengthening our leading position in the luxury watch and jewellery market in the US. We look forward to combining Deutsch & Deutsch's local expertise with the strengths of the Watches of Switzerland Group as we continue to grow our presence in this key market."

Q3 FY26 Trading Update

The Group will publish its Q3 FY26 Trading Update on 4 February 2026. A webcast conference call for analysts and investors will be held at 9.00am (UK time) on that date.