Watches of Switzerland, which lowered both its revenue and profit forecasts on 18th January after demand over the Christmas period fell below expectations, has seen its share price plummet.
By close of trading on 18th January, the share price fell by over 36 per cent on its opening price which wiped tens of millions from the company’s value.
Brian Duffy, chief executive officer, said: “The festive period was particularly volatile this year for the luxury sector, with consumers allocating spend to other categories such as fashion, beauty, hospitality, and travel. Whilst we are disappointed with this trend, we are encouraged by our market share gains in both the US and UK.”
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