Swiss Watchmakers Fear Retail Glut and Discounts After Boom [BNN Bloomberg (Canada)]
Novartis AG (NVS)
Last novartis ag earnings: 4/28 01:00 am
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Source: BNN Bloomberg
At a trade show in Geneva last week, chief executive officers of watch manufacturers said they will limit shipments to stores this year to counter a slowdown that has seen consumers rein in spending and second-hand prices tumble. They want to prevent retailers from becoming awash with inventory, which typically leads to discounting that can undermine a luxury watch brand's image of exclusivity. “I don't ship if you haven't sold out for the watch that you have on order. I don't ship,” Guido Terreni, CEO of watchmaker Parmigiani Fleurier SA, told retailers at the Watches and Wonders trade fair. “This is extremely important because it helps our partners manage their cash but it also gives the right impression that you are not in front of a brand which is over-distributed.” Edouard Meylan, the chief executive officer of H. Moser & Cie, also expects price cuts on stock. “In bad times you know it's going to be discounted at some point,” he said. Swiss watchmakers enjoyed a sales surg
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