Watches of Switzerland trims losses slowly after insiders buys 🕤

The price of Watches of Swizterland (WOSG.UK) is losing 1.5% today but has strongly erased declines in recent days fueled by speculation that Rolex was considering directing sales to Switzerland's Bucherer at the expense of the British broker. However, the company's management reacted with lightning speed and bought back $1.1 million worth of shares in a panic sell-off.

Chief Financial Officer (CFO) Anders Romberg, chairman Ian Carter and directors Tea Colaianni and Robert Moorhead spent a combined total of about $1.1 million last Friday to buy more than 150,000 shares, according to London Stock Exchange documents. Bloomberg stressed that the purchases confirm management's confidence in the company's strategy and expansion, and the attractiveness of its valuation at current levels.
Following Rolex's announcement of its partnership with Bucherer AG, several investors including Abrdn PLC sold shares in Watches of Switzerland, and the stock is now trying to return to pre-declaration valuations. On Bloomberg, Francosi Henry-Bennahmias, CEO of luxury watch brand Audermars Piguet, indicated that the company expects record sales of luxury Swiss watches - so despite inflation and recessionary prospects, demand for 'luxury' remains high.

Source: xStation5

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