Swiss Watch Exports Plunge as China and Hong Kong Demand Dries Up [BNN Bloomberg (Canada)]
COMPAGNIE FNCE RCH UN/ADR (CFRUY)
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Source: BNN Bloomberg
Exports dropped 16% by value in March to 2 billion Swiss francs ($2.2 billion) from a year earlier, the Federation of the Swiss Watch Industry said Thursday. Shipments to China, the second biggest market for Swiss watches, slid 42%, falling below levels seen in March 2020 when the industry came to a halt due to pandemic lockdowns. Shipments to Hong Kong plummeted 44%. “The negative trend is even worse than we expected and the decline in China is really worrying and probably indicates that inventories in the region were once again too high,” said Jean-Philippe Bertschy, an analyst at Vontobel in Switzerland. Shares of Swatch Group, which makes the Omega and Longines brands, hit a fresh 52-week low on Thursday, dropping about 1% in Zurich trading. Shares of Richemont, the owner of Vacheron Constantin and Cartier, also fell about 1%. The sharp drop in exports underscores a global decline in demand for Swiss timepieces, which enjoyed an unprecedented boom beginning in 2021 that l
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