Telling Time for Luxury Industry Selling it

by swisscham in Business

Even though it is considered to be one of the sectors largely benefiting from the China-Swiss free trade agreement, Swiss watches are suffering shrinking sales in the Chinese market, its third-largest export destination in the world. Latest data from the Federation of the Swiss Watch Industry show that Swiss watch exports to China reflected a clear decrease for the first three quarters of the year, contracting 14.7% to CHF 1.03 billion (USD 1.05 billion), compared with the same period last year. Gao Hucheng, Chinese minister of commerce, said the bilateral FTA will provide a good platform for Swiss watch companies’ development in China and Switzerland will increase the import of Swiss advanced technology in the watch industry. In 2012, bilateral trade between China and the Swiss reached USD 26.3 billion. Swiss watch exports to China worth CHF 1.653 billion. However, influenced by the sluggish market demand, Swiss watchmaker Audemars Piguet has decided to close six of its 22 retail stores in the Chinese market and said it will slow its expansion in China. Francois-Henry Bennahmia, Chief Executive Officer of the company, said that the golden developing age in the Chinese market has ended.

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

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 27, 2020
Published By shine.cn in Engineering / Manufacturing
October 21, 2020
Published By globenewswire.com in Hospitality / Tourism / Retail
October 15, 2020
Published By givaudan.com in Bilateral Relations
October 9, 2020
Published By chinadaily.com.cn in Engineering / Manufacturing
October 6, 2020
Published By globenewswire.com in Engineering / Manufacturing