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Tag: Federation of the Swiss Watch Industry

  • Asia Keeps Swiss Watch Recovery on Track

    Asia Keeps Swiss Watch Recovery on Track

    China and Japan continue to grow as key markets for Swiss watches, reports the Federation of the Swiss Watch Industry.

    China had its strongest growth for 30 months at 39.8 per cent, while Japan, up 22.5 per cent, showed strong growth for the second month in succession.

    Hong Kong has confirmed its recovery with its eighth positive month, exports there rising 4.4 per cent, while exports to Singapore, Switzerland’s seventh-largest market, rose 10.6 per cent.

    Export growth has continued over the seven months to the end of November, says the federation. The total value of exports reached nearly FRF2 billion francs (US$1.9 million), equivalent to 6.3 per cent growth over the figure for the previous November.

    Electronic watch exports were down by more than 1 million units to 15.6 million, a drop of 6.3 per cent. By contrast, mechanical watch exports rose 4.6 per cent to 6.59 million pieces.

    All groups of materials shared in the value growth, in particular steel, up 7.9 per cent. While the other materials category grew 32.3 per cent, the number of pieces fell 1.1 per cent.

    Watches priced at less than FRF200 (export price) fell substantially in November, says the federation, while the other price segments advanced in terms of both value and volume. The FRF200-500 category had the best performance with growth, up 20 per cent.

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  • Swatch Group profit lowest for seven years

    Swatch Group profit lowest for seven years

    Swatch Group, the maker of Omega and Tissot timepieces, has reported its lowest first-half profit in seven years, with demand tumbling in Hong Kong, France and Switzerland.

    Its first-half operating profit fell 54 per cent to 353 million francs (US$359 million), the company says. This followed an earlier warning that earnings would probably fall 50 to 60 per cent.

    After previously forecasting growth, CEO Nick Hayek says sales for the year may fall as much as 6 per cent. Terrorist attacks in France are keeping tourists at bay, denting sales.

    However, Swatch says its full-year results will be close or equivalent to those of last year.
    Swiss watch exports declined a record 11 per cent in the first half, says the Federation of the Swiss Watch Industry.

    Swatch says the first three weeks of this month showed good growth in China, particularly for its luxury brands Blancpain, Breguet and Omega.

    The company also says the drop in Hong Kong’s retail sales has bottomed out.