The Watches of Switzerland Group has today secured its first Fair Tax Mark accreditation, and joins the growing movement of businesses that have achieved the gold standard of responsible tax conduct.
A FTSE 250-listed company, The Watches of Switzerland Group is the UK’s largest luxury watch retailer operating in both the UK and US. The Group comprises of five prestigious brands; Watches of Switzerland, Mappin & Webb, Goldsmiths, Mayors and Betteridge. Mappin & Webb holds Royal warrants as goldsmiths, silversmiths and jeweller to Her Majesty The Queen and silversmiths to His Royal Highness The Prince of Wales.
The Group has a market leading position in the UK luxury watch market and a significant presence in the US market. It registered an operating profit of £81.9 million in 2021 and currently employs over 2,000 people. Strong sustainability practices have been recognised by FTSE4Good, who have included the Watches of Switzerland Group in their FTSE4Good Index.
As part of the accreditation process, the Group has excelled by publishing a robust and accessible public Tax Strategy that shuns artificial tax planning and aggressive tax avoidance and is paying good average current tax rates and cash taxes over recent years.
Bill Floydd, Chief Financial Officer at the Watches of Switzerland Group, said:
“Since joining the Watches of Switzerland Group at the start of the year, I have been impressed by the commitment of the Group to “doing the right thing”. I am very impressed with the charitable foundation formed to support our local communities, our corporate partnership with the Prince’s Trust, right through to our work on the British Retail Consortium’s Better Jobs Diversity and Inclusion Charter.
“As a business we are committed to treating our people and those around us fairly. Paying the right amount of tax, at the right time and in the right place is an extension of our commitment to our local communities and being accredited with the Fair Tax Mark is a superb way to evidence that commitment.”
Jaime Boswell, Head of Accreditations, Fair Tax Foundation, said:
“We are delighted that the Watches of Switzerland Group has achieved the Fair Tax Mark accreditation for the first time. It’s great to see a luxury brand specialist on the high street showing such responsible tax behaviour.
“The accreditation sits nicely with the Group’s overall ESG commitments towards its staff, the environment, and the communities in which it operates, giving confidence to investors and making stakeholders proud.”
Find out how to get the Fair Tax Mark.