The Brexit may have serious consequences for Aurum, which owns the UK’s largest watch retailers: its American majority shareholder may put it up for sale.
Brexit vote improved sales
Jewelry and watch retailers Mappin & Webb, Goldsmiths and Watches of Switzerland are all part of Aurum, which belongs to Apollo Global Management. According to insiders, Apollo is looking at a possible sale following improved turnover after the Brexit vote.
With a weaker pound, more tourists came to the United Kingdom and bought luxury items like Rolex watches, for which Aurum is the biggest retailer. Luxury watch sales grew 40 % after the Brexit vote and holiday sales were also very strong according to Sky News. In total, the company is believed to account for almost half of retail watch sales in the country.
All in all, the company has 140 stores and 1,000 employees, generating 600 million pounds (700 million euro) annually. Even if Aurum were to be sold, something Apollo Global Management did not confirm nor deny, it would take several months before the entire process is started, insiders say.