Watches of Switzerland shares dive by a third after revenues warning

Watches of Switzerland said revenues would be £100m below expectations, adding that Rolex was not giving it enough supplies of the most expensive timepieces, which had long waiting lists. Photograph: Leon Neal/Getty Images

The share price of Watches of Switzerland has dived by more than a third in one day – wiping £516m off its value – as the UK’s biggest seller of Rolex and Omega timepieces became the latest luxury retailer to experience a reining in of spending by aspirational shoppers.

The plunge on Thursday came after the company said full-year revenues would be £100m below expectations because well-heeled customers were switching their purchasing power to other categories such as fashion, beauty, hospitality and travel.