Watches of Switzerland chief executive Brian Duffy received a £1.3 million pay packet after his pay nearly doubled following a record financial year. Duffy, who leads Britain's biggest Rolex seller, saw his pay rise 85.9 per cent from £710,271 last year.
The pay increase was mostly due to a £750,000 bonus, which was more than four times his 2025 bonus. His base pay was £500,000, which has not increased since he took the job in 2015, alongside £73,793 in taxable benefits including a car and accommodation.
Profit targets and growth in the United States
The pay rise came after the group beat its £147 million annual profit target, recording a record £154.8 million in the 12 months to May. Business boomed as more wealthy US shoppers spent money on luxury brands such as Rolex and Omega.
The company said the United States is its largest market by sales and profit. "The US market is underdeveloped, providing significant growth opportunities for the group," the group stated.
UK sales and retail platforms
Sales also improved in Britain, although Duffy flagged up a "more subdued consumer environment." Model Rachel Cook was pictured wearing a Rolex Submariner in Capri as expensive watch sales grew.
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