No End In Sight For Swiss Watch Industry Downturn [Forbes]
COMPAGNIE FNCE RCH UN/ADR (CFRUY)
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Source: Forbes
Swiss watch exports in August were 1.2 million units, 125,000 less than last year. Despite the decline in unit volumes, the total value of wristwatch exports increased by 7.8% to CHF 1.8 billion, although the increase in value was due to higher prices for precious metal watches. Steel watches, the largest segment of the market, recorded a fall of 7.0% and a decline of 10.5% in volume terms. According to the Federation, the mid- and entry-level-priced watch market suffered the most. Watches with an export price below 3,000 Swiss francs dropped 14 percent by value and 11 percent by volume. Watch exports to China (-5.9%) and Hong Kong (-11.1%) continued to fall in August but less significantly than in prior months. “Nonetheless, the forecasts for both these markets remain very negative for the next few months,” the report highlighted. “Firms in the sector are lamenting the lack of visibility in the medium term, which is prompting them to be more cautious going forward or even, in some
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