Multichannel luxury watch retailer Watches of Switzerland Group has gone public. The U.K.-based company commenced its first day trading on the Main Market of the London Stock Exchange, trading under the ticker WOSG.
Brian Duffy, chief executive officer of Watches of Switzerland Group, said in a prepared statement, “Today’s listing marks the next phase in our growth story. I am delighted by the reaction we have received from the market to our business and the significant opportunities that lie ahead…. On behalf of all of our colleagues, I’m delighted to welcome our new shareholders to the business and look forward to working with them as we continue to execute on our growth strategy.”
The market capitalization of the company will be approximately £647 million (roughly $815 million) at the commencement of conditional dealings.
Watches of Switzerland Group has more than 146 showrooms in the U.K. and U.S., including 15 dedicated mono-branded boutiques in partnership with Rolex, TAG Heuer, Omega, and Breitling. The company is also the U.K.’s largest retailer of Rolex, Patek Philippe, Cartier, Omega, TAG Heuer, and Breitling watches.
Intriguingly, its Mappin & Webb brand currently holds appointments as “Jewellers, Goldsmiths and Silversmiths” to Her Majesty the Queen and “Silversmiths” to His Royal Highness the Prince of Wales.
Top: Watches of Switzerland Group’s first trading day on the London Stock Exchange (photo courtesy of Watches of Switzerland)
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