Rolex seller Watches of Switzerland sees sales slump amid falling demand for luxury goods

The biggest seller of Rolex watches – a favourite of tennis star Roger Federer – in Britain has been hit by a slump in demand for luxury goods.

Watches of Switzerland said sales in the UK and Europe in the 26 weeks to October 29 were 4 per cent lower than a year earlier at £433million. 

And overall sales worldwide fell from £765million to £761million.

Bad timing: Watches of Switzerland said sales in the UK and Europe in the 26 weeks to October 29 were 4% lower than a year earlier at £433m

Chief executive Brian Duffy said: ‘The consumer environment in the UK continues to be more challenging.’ 

With demand for luxury goods around the world hit by economic turmoil, first-half profits were down 20 per cent at £67million.

It said it does not expect ‘an improvement in consumer confidence in the remainder of the financial year’.

But despite business in the UK being hit as showrooms were shut for renovations, it is hopeful about Christmas custom. 

Shares fell 0.7 per cent, or 4.5p. to 651p.