Watches of Switzerland shares dive by a third after revenues warning

UK's biggest Rolex and Omega seller becomes latest luxury retailer to be hit by switch in spending by aspirational shoppers

The share price of Watches of Switzerland has dived by more than a third in one day - wiping 516m off its value - as the UK's biggest seller of Rolex and Omega timepieces became the latest luxury retailer to experience a reining in of spending by aspirational shoppers.

The plunge on Thursday came after the company said full-year revenues would be 100m below expectations because well-heeled customers were switching their purchasing power to other categories such as fashion, beauty, hospitality and travel.