Swiss Watch Exports Struggle as Luxury Slowdown Persists [BNN Bloomberg (Canada)]
SWATCH GROUP AG UNSP/ADR (SWGAY)
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Source: BNN Bloomberg
Monthly exports increased 3.1% to 1.9 billion Swiss francs ($2.2 billion) by value, the Federation of the Swiss Watch Industry said Tuesday. Growth was as high as 11.8% in the first half of last year. The number of timepieces exported rose 2.9% to 1.2 million as shipments of the Swatch brand's Blancpain and Omega collaborations drove demand at the low end. Citigroup analyst Thomas Chauvet said the numbers showed “a weak start to the year.” Buyers of pricey Swiss watches are reining in spending amid economic and geopolitical concerns after a pandemic era boom in demand. The strong value of the Swiss franc is also putting pressure on producers which have raised prices to protect margins. Some consumers are now balking at higher prices. The number of exported watches priced above 3,000 francs fell 4.5% in January, even as their value rose 4.3%, the Federation said in a statement. At the same time, the number of watches exported with a wholesale price of less than 200 francs surg
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