Watches of Switzerland directors invest £890,000 in company shares

Four directors of Watches of Switzerland have displayed their confidence in the company by purchasing nearly £890,000 worth of shares.

The group’s CFO, chairman, and two non-executive directors made these acquisitions last Friday.

This move comes after the company’s shares fell by 28% on August 25 due to investor concerns over Rolex’s acquisition of Swiss jeweler and watchmaker Bucherer.

The Leicester-based company had previously downplayed the situation, emphasising that Rolex’s move was not a strategic shift into retail but rather an association with a longstanding retail partner. The company also reassured that Rolex’s allocation and distribution of products would remain unchanged.

Since then, the share price has started to recover. In an official announcement, CFO Anders Romberg purchased 100,000 shares at 585p totaling £584,700 , while chairman Ian Carter acquired 35,000 shares at prices ranging from 582.5p to 589.5p , amounting to £205,690 in total. Non-executive directors Tea Colaianni and Robert Moorhead purchased 8,500 and 8,495 shares respectively, with a value of £49,835 and £49,628 each.

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