Watches of Switzerland CEO calls for VAT tax reconsideration for tourists, citing negative impact on UK sales.

Watches of Switzerland CEO Brian Duffy urges government to reconsider VAT tax for tourists, stating it is negatively impacting UK sales. The company reported a 4% rise in revenue to £380m for the quarter to April 30, but revenue in the UK and Europe fell by 4% amid "challenging macroeconomic conditions." Watches of Switzerland, which also owns Goldsmiths and Mayors chains, expressed optimism for the next year as they posted a growth of 4% in group revenue.

May 16, 2024
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