Luxury watch retailer Watches of Switzerland Group PLC (LSE:WOSG)’s share price fell this morning despite the company saying it was not affected by Russia’s invasion of Ukraine.
Watches of Switzerland told investors this morning that it had “negligible” exposure to the Russian and Ukrainian market, and that its guidance released in early February remained unchanged.
“The Watches of Switzerland Group is shocked and deeply concerned by the tragic events in Ukraine. Our thoughts go out to everyone affected by the conflict, and we hope for a swift resolution and lasting peace,” the group said.
The group has lost more than a quarter of its value since Putin ordered troops into Ukraine on 24 February.
Luxury goods are in the spotlight due in part to the indeterminate amount spent on them by high net worth individuals with links to the Russian state.
Other luxury brands like Burberry Group PLC (LSE:BRBY) and Louis Vuitton Moet Hennessy (EPA:MC) have seen sharp contractions in shares since the Russian invasion.
Watches of Switzerland said its guidance of £1.15bn to £1.2bn of revenue was unchanged and likely closer to the top end.
The groups share price fell 1.95% in initial trading before slight recovery to 950p.