A record plunge for shares of Watches of Switzerland Group Plc on Friday spurred by a first foray by Rolex SA into consumer sales wiped £10 million ($12.6 million) off the fortune of Hugh Duffy, the retailer’s chief executive.
(Bloomberg) — A record plunge for shares of Watches of Switzerland Group Plc on Friday spurred by a first foray by Rolex SA into consumer sales wiped £10 million ($12.6 million) off the fortune of Hugh Duffy, the retailer’s chief executive.
Duffy, who grew up in Glasgow, owns about 7.3 million shares in the company he’s run since 2014, according to data compiled by Bloomberg based on stock exchange filings.
The 3.1% stake was worth £50.6 million at Thursday’s close, but lost a fifth of its value on Friday on news that Rolex plans to acquire Bucherer AG. The deal sparked fears that the timepiece maker will vie with Watches of Switzerland for sales.
A spokesperson for Watches of Switzerland said the company wouldn’t comment on individual stock holdings.
–With assistance from Alexander Sazonov and Andy Hoffman.
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