Christopher Ward bags 58% increase in overseas watch orders

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Christopher Ward bags 58% increase in overseas watch orders

Post by Kip » Thu Mar 23, 2017 1:16 pm

As seen in WatchPro....

British watch brand Christopher Ward’s focus on increasing orders overseas has led to a 58% spike in international sales during the past year, the company has said.

The growth in exports, coupled with an 11% rise in domestic UK sales, means that total turnover for the period between April 2016 and January 2017 increased 29% year-on-year.

Christopher Ward carried out a full-scale rebrand in May 2016, which saw the brand deliver a new logo and modern, minimalist look, while remaining faithful to the spirit of quintessential British craftsmanship.

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Re: Christopher Ward bags 58% increase in overseas watch ord

Post by Bahnstormer_vRS » Thu Mar 23, 2017 1:58 pm

Kudos due, with congratulations, to CWL. :clap:

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Re: Christopher Ward bags 58% increase in overseas watch ord

Post by Galton321 » Thu Mar 23, 2017 3:00 pm

It's the new logo wot done it!!!l

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Re: Christopher Ward bags 58% increase in overseas watch ord

Post by what-time-is-it » Thu Mar 23, 2017 3:03 pm

They don't need Baselworld either.

Why you won't see CW at Baselworld. https://www.christopherward.co.uk/blog/
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Re: Christopher Ward bags 58% increase in overseas watch ord

Post by FloridaPhil » Thu Mar 23, 2017 3:10 pm

Interesting read.

I note that the increased sales figures are not detailed by value or units so we don't really know to what the percentage growth actually refers. With the sell off of the old line at huge discounts I can see how unit sales would have increased significantly. Mike attributed the growth to the Spring 2016 re-brand - I would be interested to know whether by this he refers to the sales of new logo watches or increased sales of the clearance watches resulting from the re-brand, or both.

Regarding foreign sales, surely the weakened value of sterling resulting from Brexit has had a significant impact. Certainly for me, buying in US$, the watches have become much more attractive and I would suggest that has been a big factor in the increased foreign sales in addition to the discounted selloff of the old lineup.

None of this takes away from CW's achievements. The financials for the year ended March 2016 shows just how small a player CW is in the big scheme of things. To produce such a great product at the price point they compete at while growing sales at the same time, engineer an in-house movement and go through a full rebranding exercise earns my respect. Kudos.
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Re: Christopher Ward bags 58% increase in overseas watch ord

Post by nbg » Thu Mar 23, 2017 4:02 pm

Which ever way you cut it the increase since April 2016 is a great result.

Having previously looked at the accounts to both March 2015 and March 2016, it is easy to see why CW went for a rebrand to improve sales and to try and ensure the business reaches an acceptable level of profitability going forward.

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Re: Christopher Ward bags 58% increase in overseas watch ord

Post by Tyke » Thu Mar 23, 2017 4:21 pm

Certainly good news that the figures are improving, but way too early to lay all of the credit at the door of the rebrand.
Most of the period shown was for sales of CHR badged watches and some CHR will be there for several months yet. Added to that the firesale of 30% & 50% run-out models will have boosted sales numbers if not profits and the water becomes so muddy as to not give a clear indication of what impact, positive or otherwise the branding has had. Whatever the cause, to be able to show growth in a shrinking market is laudable & applaudable :clap:

The 2017-18 sales will be the most telling, being the 1st full year that the new branding will stand on its own merits. Hopefully the growth will continue, boosted by new iterations of the motorsport range.

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Re: Christopher Ward bags 58% increase in overseas watch ord

Post by Aifo » Thu Mar 23, 2017 4:40 pm

I would presume the increase is partly due to weaker pound.

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Re: Christopher Ward bags 58% increase in overseas watch ord

Post by FloridaPhil » Thu Mar 23, 2017 4:55 pm

nbg wrote:Which ever way you cut it the increase since April 2016 is a great result.
Not sure how you reached that conclusion. If the sales are primarily due to units shifted at a drastic price cut, and greatly reduced revenue, it's not really a great result, is it? As I said previously, the fact that we don't know if the growth is in units sold or in revenue means we can't make any judgment one way or the other. Tyke got it right - the real result of the rebranding will be seen this year, or possibly even next.
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Re: Christopher Ward bags 58% increase in overseas watch ord

Post by nbg » Thu Mar 23, 2017 5:09 pm

^^^^ I am trying to put a positive slant on the numbers. :)

That part of the increase was due to FX and part due to selling of old logo models is obvious.

(The only hard numbers that we as Joe Public have access to are the consolidated group accounts to March 2015 and March 2016 - although there is no split between the CW brand sales and the SH non CW sales).

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Re: Christopher Ward bags 58% increase in overseas watch ord

Post by Sandman » Thu Mar 23, 2017 5:42 pm

I would say an increase in international sales is a profoundly positive result, regardless of what is driving it. While there are certainly implications of new vs old logo and sale prices, all of which are important metrics in the short term, you cannot overlook the importance of market exposure. We can certainly opine over each change or sale strategy in terms of whether we think it helps or hurts the brand, but in the long run, more sales equal more exposure. You can't buy the free advertising that comes from happy customers telling all of their friends and family about the great watch they have. Plus, you hook them with a sale or an old logo they prefer and bring them into the brand. Sooner or later, they will find another full price one that they just have to have. I'm American. I prefer the old logo and bought a sale C9. Having never seen a CW in person, I was hesitant. Then I received mine and haven't gone more than day without it. I've purchased a second one (couch find, thanks Wera!). I'll pay full price for this year's FLE. And I'm pretty sure I'm going to buy a moon phase soon and a C1 in the not too distant future. Regardless of the other factors, bringing fresh blood from foreign markets will grow the brand.
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Re: Christopher Ward bags 58% increase in overseas watch ord

Post by fishman » Thu Mar 23, 2017 6:43 pm

As another American customer, and owner of four CW watches, it's clear to me that CW's reputation of making a high quality watch at an excellent price is growing significantly. Like Sandman, I too am seriously considering a C1 and will be interested in the FLE, if produced. I'm also very interested in the Slimline Square and possibly the new C3. I'm sure fx and old logo sales played a factor in increased sales, but so did continued improving quality and design. Logo issues aside, CW makes excellent watches that are very affordable for a lot more people and this is increasingly being recognized in foreign markets such as the United States.

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Re: Christopher Ward bags 58% increase in overseas watch ord

Post by MorrisOx » Thu Mar 30, 2017 9:22 pm

Exports...hmmm. Interested to know how CW defines export as the watches aren't made here.

And 58% of what?

Good for them that it's increasing, and perhaps it tells a tale about appreciation of the new brand outside the UK. I certainly don't see CW's style as 'quintessenrially English' anymore (which is just an observation, not a criticism).
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Re: Christopher Ward bags 58% increase in overseas watch ord

Post by dibblecorse » Tue Apr 04, 2017 1:32 pm

As a UK Registered company I suspect anything that isn't sold to the UK market is classed as an export, the fact that stock is imported in is irrelevant as its then exported out, thats the key bit.

The 58% uplift is in watch orders from overseas in the last year, so its a straightforward FY15 Export Sales * Fy16 Export Sales = +58%\

Make sense ?
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Re: Christopher Ward bags 58% increase in overseas watch ord

Post by nordwulf » Tue Apr 04, 2017 2:42 pm

It also spent £95,000 on improving its website


:shock: I wonder how much the entire cost of rebranding and marketing was.
It generated a gross profit of £2.5m but overall made a loss of £493,000 for the year.
Half a million pounds loss doesn't sound like a good year?

Sale of the old models at low prices and the the weakened value of the UK pound probably played a big part in the increased orders from outside the UK.

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