Christopher Ward reported that revenue for the fiscal year ended March 31, 2024 increased from approximately £17 million the previous year. According to publicly available documents, pre-tax profits rose from under £300,000 the previous year to around £4 million. France said Christopher Ward has bucked the industry’s recession of demand and sales recession, and the company has increased both sales and profits in recent fiscal years.
In contrast, Audemars Piguet recorded sales of approximately CHF 2.4 billion in 2024. Morgan Stanley estimates that Rolex’s sales were around Chf 10.5 billion. France said Switzerland is in a strong negotiating position with the US to reduce or eliminate tariffs as it lacks a comparable luxury watch industry to protect the US luxury watch industry. He hopes to reach a deal, but has also resigned to the fact that as long as the current administration is in power, certain tariffs are likely to remain in place.
At this point, the prices US customers pay for accessories such as Christopher Ward bracelets are even higher than the finished watch. That’s because they are made in China and are subject to customs duties of more than 100%. Christopher Ward is supporting the UK government’s initiative to boost trade with other countries by struggling potential new bilateral trade agreements with countries such as India, Canada, Australia and Singapore that will help offset the expected slump in US sales.
Stay tuned at Hodinkee for more information on the developmental effects of US tariffs.
