Overview

• The group reported consistently strong trading over the 18 weeks to late August, led by the U.S., and said it sees no material first‑half impact from the new tariffs.
• Brand partners front‑loaded inventory before the levy took effect, with Swiss watch exports to the U.S. jumping 45% in July to create a near‑term cushion.
• Shares rose as much as about 11% in early London trading after the update and the company left its full‑year 2026 guidance unchanged.
• Chief executive Brian Duffy said brands are likely to raise prices internationally to offset the levy, while Swatch is preparing a 5–10% U.S. increase.
• Management and analysts warned of second‑half uncertainty as higher prices and tariff developments could pressure demand and earnings, even as the Old Bond Street Rolex boutique exceeds expectations.