Aurum sales rise ahead of IPO
Aurum Holdings, the watch and jewellery group behind brands including Goldsmiths and Watches of Switzerland increased sales by 21% in a year that was marked by milestones and strong moves.
Over the 12-month period to end of April 2018, the group overtook Signet Jewelers as the UK’s biggest jewellery and watch retail group, and expanded into the lucrative US market with the acquisition of Mayor’s Jewelers and Wynn.
Sales surged to £685 million during the year, fuelled by its operations in America, where net sales rose 9.9%, while UK sales increased 5.2%. Ebitda was £68 million, up 23.2% on the previous year.
Luxury watches continued to be the group’s top revenue source, accounting for 73% of group sales. To boost the jewellery category, the group increased its focus on branded pieces to protect margins, and repositioned its fashion and classic segment, reported Professional Jeweller.
The strong set of results builds on the group’s rapid growth, evolving from a mid-sized jewellery business with revenues of under £300 million in 2011 to the multinational group it is today.
The performance paves the way for a possible public listing. Rumours emerged earlier in June that the group has met with investment bankers to explore an IPO in either London or Zurich next year.
Additionally, Aurum Holdings is changing its name to Watches of Switzerland Group on September 1 to reflect the changes in the business over the last year.
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