Watches Switz Share News (WOSG)

(Sharecast News) - Watches of Switzerland said on Thursday that it has bought Texas-based Deutsch & Deutsch, a family-owned luxury watch and jewellery retailer that has been operating 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," WOSG said.

It said the showrooms are "highly complementary" to its 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".

For the financial year ended 31 December 2024, the four showrooms generated a combined annual revenue of $67m, with profitability in line with the group's existing US retail business.

Chief executive Brian Duffy 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."

No financial details were disclosed.

WOSG shares closed up 6.1% at 518.50p.