Watches of Switzerland Shares Dive as Luxury Spending Shifts

Despite a third drop in shares and reduced revenue growth projections, the company reports market share gains in the US and UK.

Watches of Switzerland shares plummeted by a third after the company slashed its revenue growth projections from 8-11% to 2-3%.
The company attributes the decline to consumers shifting their spending to other categories such as fashion, beauty, hospitality, and travel.
Despite the downturn, Watches of Switzerland reported market share gains in both the US and UK.
Other luxury retailers and brands have also struggled in recent months following an initial post-pandemic boom.
Analysts predict the luxury market will continue to grow, albeit at a slower pace, with a predicted growth of up to 4% in 2024.