Rolex seller Watches of Switzerland sees sales slump amid falling demand for luxury goods
Britain's biggest seller of Rolex watches – a favorite of tennis star Roger Federer – has been hit by a slump in demand for luxury goods.
Watches of Switzerland said sales in Britain and Europe in the 26 weeks to October 29 were 4 percent lower than a year earlier at £433 million.
And total sales worldwide fell from £765 million to £761 million.
Bad timing: Watches of Switzerland says sales in Britain and Europe in the 26 weeks to October 29 were 4% lower than a year earlier at £433 million
CEO Brian Duffy said: 'The consumer environment in Britain remains more challenging.'
As demand for luxury goods around the world was hit by economic turmoil, first-half profits fell 20 percent to £67 million.
It says it does not expect an 'improvement in consumer confidence in the remainder of the financial year'.
But despite business in Britain being hit with showrooms closed for renovations, people are hopeful about Christmas customs.
Shares fell 0.7 percent, or 4.5p. up to 651p.