Watches of Switzerland plans to double sales in five years amid soaring demand for expensive watches.
The luxury watch-seller has set a target for annual revenues to hit £3billion by the end of the 2028 financial year.
It is pinning its hopes on booming demand for secondhand Rolex watches, which it sells via a programme that authenticates the products.
Time limit: Watches of Switzerland has set a target for annual revenues to hit £3bn by the end of the 2028 financial year
Used watches will make up 20 per cent of Rolex sales in the US and 10 per cent in the UK by 2028, the retailer said in a strategy update yesterday.
The plan was welcomed by investors, with shares jumping 13.1 per cent.
Shareholders were spooked earlier in the year after Rolex bought the watch-seller Bucherer and the stock remains down nearly 30 per cent this year.
Watches of Switzerland posted flat sales of £761million for the six months to October 29 compared to the previous year.
Sales took a hit after Goldsmiths and Mappin & Webb showrooms were closed for renovations – but would reap the rewards when they reopened for Christmas.
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