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Watches Of Switzerland

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businessfinance2 years ago•0 min saved

Luxury Watch Retailer's Plunge Signals Shift in Consumer Demand

Watches of Switzerland, a leading luxury watch retailer, issued a warning about a potential slowdown in demand for Rolex watches, citing a decline in tourist spending and a shift towards online sales. The company's CEO highlighted the impact of travel restrictions on luxury watch sales, particularly in key markets like the US and UK. This warning reflects broader market trends in the luxury watch industry and the challenges faced by retailers in adapting to changing consumer behavior amidst the ongoing pandemic.

via Financial Times|

#businessfinance #demand #luxury-watches

business2 years ago•1 min saved

"Watches of Switzerland: Plunging Shares and Waning Luxury Demand"

Shares of Watches of Switzerland plunged 28% after the luxury watch retailer cut its revenue guidance for the 2024 fiscal year due to challenging macro-economic conditions impacting consumer spending in the luxury retail sector. The company now expects revenue of £1.53-1.55 billion, down from its previous guidance of £1.65-1.7 billion, and revised its constant currency revenue growth and EBIT margin projections downwards. While demand for key brands remains strong in the U.S., the U.K. market was more challenged, impacting a broad range of luxury watch brands and non-branded jewelry. CEO Brian Duffy expressed disappointment in the trend but remains confident in the company's Long Range Plan.

via CNBC|

#business #consumer-spending #luxury-retail