Viewing posts categorised under: HTR

Swiss watches lose allure as Chinese count cost

by swisscham in HTR

Swiss watch exports took their biggest fall at the start of this year since 2009 as China’s economy stumbled and Hong Kong retailers focused on working off existing stock instead of placing new orders.The Swiss watch sector’s exports in March alone fell nearly 17% in real terms, when adjusted for working days, to CHF 1.5 billion Swiss francs (USD 515 million), data showed on Thursday, the lowest level for that month in five years. It was the fourth consecutive quarterly fall and the biggest since the global financial crisis.Demand for luxury watches has been hammered by a Chinese government crackdown on bribery, a drop in tourist shoppers to Europe and, at lower price points, the rise of smartwatches. Manufacturers like Swatch Group, Richemont and LVMH have responded by demanding price cuts from suppliers and taking more production in-house.”There have been no signs of improvement in Swiss watch exports, in particular into Greater China,” Citigroup analyst Thomas Chauvet wrote in a note to clients.

Read more

Your Swiss Business Platform in China

SwissCham China has roughly 600 company members. Our Chamber maintains a strong relationship with the Embassy of Switzerland, Swiss Global Enterprise, Swissnex and Switzerland Tourism. As the representative of the Swiss companies established in China, our goal is to help you to increase your business and visibility, especially amongst the Sino-Swiss business community.

Become A Member

Sign Up For Our Newsletter

  • This field is for validation purposes and should be left unchanged.
October 9, 2020
Published By chinadaily.com.cn in Engineering / Manufacturing
October 6, 2020
Published By globenewswire.com in Engineering / Manufacturing
September 24, 2020
Published By schindler.com in Engineering / Manufacturing
September 14, 2020
Published By cgtn.com in Bilateral Relations
September 3, 2020
Published By s-ge.com in General Interest