Goldsmiths
Goldsmiths is a United Kingdom luxury jewellery and watch retailer with roots in Newcastle upon Tyne dating to 1892.
Last updated August 24, 2026
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Overview
Goldsmiths is a British luxury jewellery and watch retailer whose history began in Newcastle upon Tyne in 1892, when Thomas Cooke established the Northern Goldsmiths Company on Blackett Street. The business initially operated as a jeweller and specialist retailer and later developed expertise in precision timepieces. Its historical significance in the watch trade is closely associated with its sale of marine chronometers to the Admiralty during the First World War and its appointment in 1919 as the first United Kingdom stockist of Rolex watches. The retailer expanded through acquisitions and changes of ownership. In 1967 it acquired Reid & Sons, a historic jewellery business founded in the eighteenth century. The enlarged operation adopted the name The Goldsmiths Group in 1984. Two years later it was acquired by Oriflame, a Swedish cosmetics company. Oriflame subsequently disposed of the group’s hotel division, separating that activity from the jewellery and watch retail business. A management buyout led by Jurek Piasecki took place in 1988 with backing from Schroder Ventures. The group later became a London Stock Exchange-listed company. Piasecki led a further management buyout in 1999, this time backed by Alchemy Partners. In 2004, Goldsmiths was acquired by Baugur Group. In December 2006, Baugur-linked acquisitions brought Mappin & Webb and Watches of Switzerland into the same ownership structure, creating a broader luxury jewellery and watch retail portfolio. The Baugur period ended after the group’s insolvency and administration in early 2009. Goldsmiths was acquired in 2013 by an investment fund affiliated with Apollo Global Management. In 2018, the wider retail group was renamed the Watches of Switzerland Group, reflecting the importance of the Watches of Switzerland, Goldsmiths, and Mappin & Webb brands within a consolidated luxury-watch and jewellery platform. The group was floated on the London Stock Exchange in 2019, while Goldsmiths continued as a consumer-facing retail brand within the group. Goldsmiths’ business is centred on physical and specialist retailing of luxury watches, fine jewellery, engagement and wedding jewellery, and related services. Its brand proposition is based on heritage, authorised luxury-watch distribution, personal purchasing advice, and access to established jewellery and watch brands. The company has also maintained a connection with regional community and sporting activity, including sponsorship of Leicester Tigers Rugby Football Club, a stand at Welford Road, and the club’s Player of the Month Award. The available reference material does not establish a separate international operating network, current chief executive, precise headquarters, or a standalone public listing for Goldsmiths itself.
History
Goldsmiths traces its origins to 1892, when Thomas Cooke founded the Northern Goldsmiths Company on Blackett Street in Newcastle upon Tyne. The original business operated in the jewellery trade and subsequently developed a specialist watch business. During the First World War it supplied marine chronometers to the Admiralty. This experience helped establish its credentials in precision timepieces, and in 1919 it became the first appointed United Kingdom stockist of Rolex watches. The business expanded by acquisition in 1967, when it purchased Reid & Sons, a jeweller with origins in the eighteenth century. The combined operation was renamed The Goldsmiths Group in 1984. In 1986 the group was acquired by Oriflame, the Swedish cosmetics company. Oriflame sold the group’s hotel division the following year, leaving the jewellery and watch activities as the central part of the enterprise. In 1988, Jurek Piasecki led a management buyout backed by Schroder Ventures. The group later became listed on the London Stock Exchange. Piasecki led another management buyout in 1999, with financial backing from Alchemy Partners, whose founder Jon Moulton had previously been associated with Schroder Ventures. This period marked the continuation of Goldsmiths as an independently managed luxury retail group. Baugur Group acquired Goldsmiths in 2004. Under Baugur ownership, the group’s position in the luxury retail market broadened. In December 2006, Mappin & Webb and Watches of Switzerland were acquired while also being owned by Baugur. Piasecki was removed as chairman in 2007, when the company was described as Britain’s second-largest jeweller. Baugur subsequently became insolvent and entered administration in early 2009. In 2013, Goldsmiths was acquired by an investment fund affiliated with Apollo Global Management. The ownership structure later evolved into the Watches of Switzerland Group. In 2018, the group adopted that name, consolidating the identity of its major luxury watch and jewellery retail businesses. The Watches of Switzerland Group was floated on the London Stock Exchange in 2019, with Goldsmiths remaining a consumer retail brand within the group rather than becoming a separately listed company. Goldsmiths’ retail offer encompasses luxury watches, fine jewellery, engagement rings, wedding rings, and associated specialist services. Its historical watch credentials, including the Rolex appointment of 1919, support a positioning based on heritage and authorised access to premium timepieces. The brand also participates in regional sponsorship activity, notably its relationship with Leicester Tigers Rugby Football Club. The available sources do not provide sufficient information to state a current standalone executive team, exact corporate headquarters, current store count, financial performance, or an official independent website.
- 2019
Parent group listed on the London Stock Exchange
[1]Watches of Switzerland Group was floated on the London Stock Exchange.
- 2018
Group renamed Watches of Switzerland Group
[1]The wider group adopted the Watches of Switzerland Group name.
- 2013
Acquired by Apollo-affiliated investment fund
[1]Goldsmiths was acquired by an investment fund affiliated with Apollo Global Management.
- 2009
Baugur enters administration
[1]Baugur became insolvent and entered administration, ending its ownership period.
- 2006
Mappin & Webb and Watches of Switzerland added to ownership group
[1]Mappin & Webb and Watches of Switzerland were acquired in December while under Baugur ownership.
- 2004
Acquired by Baugur Group
[1]Baugur Group acquired Goldsmiths.
- 1999
Second management buyout
[1]Jurek Piasecki led another management buyout, backed by Alchemy Partners.
- 1988
Management buyout backed by Schroder Ventures
[1]Jurek Piasecki led a management buyout backed by Schroder Ventures.
- 1986
Acquired by Oriflame
[1]The Goldsmiths Group was acquired by Swedish cosmetics company Oriflame.
- 1984
Business renamed The Goldsmiths Group
[1]The company adopted The Goldsmiths Group name.
Products and positioning
A heritage United Kingdom luxury jeweller and watch retailer positioned around trusted specialist service, established brand relationships, and premium jewellery and timepiece purchasing.
Watches
Luxury watches
Goldsmiths’ watch business is a central part of its retail identity. The company has a long association with precision timepieces, including supplying marine chronometers to the Admiralty during the First World War and becoming the first appointed United Kingdom stockist of Rolex watches in 1919. Its current source material supports a broad luxury-watch category but does not provide a complete list of presently authorised brands.
Jewellery
Fine jewellery
Fine jewellery is a core Goldsmiths retail category, reflecting the brand’s origins as a jeweller and its later development into a multi-location luxury retailer. The available references do not specify a complete current assortment, but the category includes premium jewellery sold through Goldsmiths’ specialist retail operation.
Bridal jewellery
Engagement and wedding jewellery
Goldsmiths offers bridal-oriented jewellery categories such as engagement rings, wedding rings, and related wedding jewellery. These products extend the retailer’s role beyond watch sales and rely on its specialist advice and established jewellery heritage.
Marketing campaigns
- Leicester Tigers sponsorship
United Kingdom
Goldsmiths sponsors Leicester Tigers Rugby Football Club and has supported a stand at the club’s Welford Road stadium as well as the Player of the Month Award.
Brand decisions
2018
Rebranded the wider group as Watches of Switzerland GroupStrategyBackground
The group contained several established luxury watch and jewellery retail brands, including Goldsmiths, Mappin & Webb, and Watches of Switzerland.
Action taken
The group changed its name to Watches of Switzerland Group.
Aftermath
Goldsmiths continued as a consumer-facing brand within the consolidated group, which was listed the following year.
2006
Expanded luxury retail portfolio through Mappin & Webb and Watches of SwitzerlandM&ABackground
Baugur Group owned Goldsmiths and pursued a broader position in luxury jewellery and watch retail.
Action taken
Mappin & Webb and Watches of Switzerland were acquired in December 2006.
Aftermath
The brands operated within a wider ownership structure that later became the Watches of Switzerland Group.
1984
Adopted The Goldsmiths Group nameStrategyBackground
Following decades of operation and expansion, the business changed its corporate name to The Goldsmiths Group.
Action taken
The company adopted The Goldsmiths Group name.
Aftermath
The renamed group continued to operate in jewellery and watch retail before subsequent ownership changes.
Recent events
Goldsmiths selects Braehead for its first Scottish concept store[2]
Reported:
Goldsmiths selected Braehead shopping centre for its first concept store in Scotland. The article reports the location choice, not that the store has opened.
Sources2 sources
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