Watches of Switzerland to ditch 2028 growth target, Bloomberg News reports

June 26 (Reuters) - Watches of Switzerland plans to drop a target to more than double sales and profit by 2028, as the luxury market has deteriorated since the forecast was set, Bloomberg News reported on Friday, sending the company's shares down as much as 9.5%.

The report, citing people familiar with the matter, said the company's target to surpass £3 billion ($3.96 billion) in revenue by fiscal 2028 is "unlikely" to be achievable in that time frame.

In 2023, the company introduced its "long-range plan" for financial years 2024 to 2028 aimed to significantly accelerate growth and market share.

While its plan remains intact, the company will offer fewer time-bound forecasts, management, including CEO Brian Duffy, is set to tell investors next month, the report added.

Its shares had pared back losses and were down 1.6% at 697 pence by 1128 GMT.

The luxury retailer, which sells Rolex, TAG Heuer and Audemars Piguet watches among others, in May had forecast a slowing down in sales growth for 2026/27.

The company declined to comment on the report. It will announce its annual results on July 14.

($1 = £0.7565)

(Reporting by Ankita Bora and Anushka Chourasia in Bengaluru; Editing by Maju Samuel)