Following a sharp 25% decline in Watches of Switzerland Group’s share price last week, several board members took advantage of the dip by purchasing significant volumes of stock.

The sell-off was triggered by replica Rolex’s announcement of its acquisition of WoSG’s rival retailer, Bucherer.

In response, board members Tea Colaianni, Ian Carter, Robert Moorhead, and Anders Romberg bought WoSG shares. This buying activity was revealed in a notice filed with the London Stock Exchange before the opening bell yesterday, indicating a collective investment of £890,000 at an approximate price of £5.90 per share.

This move spurred a minor rally in WoSG stock, which opened at 610p yesterday and is trading at 605p as of this morning.

WoSG’s share price had been on a downward trend since reaching a 52-week high of around 1000p in May. This decline was attributed to economic headwinds and persistent supply constraints that have impacted growth prospects, resulting in a slight year-on-year sales decrease in the most recent quarter. This dip in sales was largely due to an oversupply in the same quarter last year.

Rolex’s acquisition of Bucherer introduced uncertainty among investors, raising concerns about potential imbalances in replica watch allocations and opportunities to retain or open Rolex stores. However, the recent purchases by WoSG directors signal confidence that the Bucherer acquisition will not significantly affect their relationship with Rolex.

Meanwhile, the luxury watch industry is experiencing unprecedented growth, with Swiss watch exports increasing by almost 10% since the start of the year. This builds on last year’s record exports of CHF 25 billion, marking the industry’s best year ever.

In 2019, Phillips auctioned a Rolex GMT Master worn by Marlon Brando as Colonel Kurtz in the 1979 film “Apocalypse Now” for $1,952,000 in New York.

The iconic watch is set to be auctioned again at Christie’s in Geneva, part of a single-owner sale.

Mohammed Zaman, a Dubai-based entrepreneur and avid collector since 1978, has owned the watch for the past four years.

Originally believed lost, the watch resurfaced before the New York auction, with Phillips verifying its history.

Brando, a dedicated Rolex enthusiast, gifted the watch to his adopted daughter, Petra Brando Fischer, in 1995, remarking, “This watch is like a tank. You can do anything you want to it and it will keep on going. I want you to have it as a reminder of how proud I am of you.”

In 2003, Petra presented the clone watch to her husband, Russel Fischer, as a wedding gift, unaware of its broader value to movie memorabilia and watch collectors.

The stainless steel GMT-Master, reference 1675, dates back to 1972 and was modified during filming to reduce its visibility, with its bezel removed.

Christie’s estimates the watch’s value at $1,000,000 to $2,000,000, reflecting its unique historical significance and appeal to collectors.

The auction, titled “Passion for Time”, will feature other notable watches and takes place on November 6 in Geneva.