Watches of Switzerland shares dive by a third after revenues warning:
UK’s biggest Rolex and Omega seller becomes latest luxury retailer to be hit by switch in ...
theguardian.com/business/2024/jan/18/watches-of-switzerland-shares-dive-by-a-third-after-revenues-warning
Photo: theguardian.com · view article
Luxury Watch Retailer Loses Billions After Revenue WarningWatches of Switzerland sank £516m as wealthy buyers shift £100m less to watches, favoring fashion, beauty, hospitality, and travel.
Key FactsJan 18, 2024 · Reading time: ~45 sec.
Summary created with AI assistance · Source: theguardian.com
Summary created with AI assistance · Source: theguardian.com
- Watches of Switzerland’s share price dropped over one-third in a single day, erasing £516 million in value.
- Full-year revenues are forecasted to miss expectations by £100 million due to customers reallocating spending to other luxury sectors.
- Other UK luxury brands like Burberry and Mulberry reported similar declines linked to reduced expenditures from affluent shoppers.
- Experts predict luxury market growth up to 4% in 2024, with a shift toward experiential purchases over overt branding.
I think we are seeing continuing polarisation between winners and losers. Brands that stand at the top of their respective categories – like Cartier and Van Cleef & Arpels in jewellery – continue to rise. Brands that are ranking lower – like Burberry and Mulberry against the likes of Hermès and Louis Vuitton – are under pressure.— Luca Solca, global luxury goods analyst at Bernstein; quoted in The Guardian's analysis of luxury-brand earnings
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Key FactsWatches of Switzerland Shares Plunge as Rolex Acquires Rival
Aug 25, 2023 · Reading time: ~30 sec.
Summary created with AI assistance · Source: ft.com
Summary created with AI assistance · Source: ft.com
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