Watches of Switzerland to Go Public

RAPAPORT... Watches of Switzerland will proceed with an initial publicoffering (IPO) on the London Stock Exchange in an effort to reduce its debt and support growth.The UK-based luxury-watch retailer plans to raise approximately GBP 155million ($201.6 million) by selling new and existing company shares, it said last week. It will use those funds to pay offits current GBP 120 million ($150.1 million) debt and expand its business andbrand profile. "Our transformation is complete: The group is now the UK'sleading luxury watch retailer, and has successfully entered the significant andunderdeveloped US market," said Watches of Switzerland CEO Brian Duffy. "I amvery excited for what lies ahead, and the opportunity to take our growthstrategy to the public markets." The company operates 125 stores in the UK and 21 in the US, including Mayors Jewelers, which it purchased from Birks Group in 2017. It is one of the largest retailers for luxury-watch brands including Rolex,Patek Philippe, TAG Heuer and Cartier. Watches of Switzerland saw group revenue of GBP 746 million($970.3 million) in the 12 months to January 27. The company expects to float on the stock exchange by early June. Image: A Watches of Switzerland store in the UK. (Watches of Switzerland)