Agenda-setting intelligence, analysis and advice for the global fashion community.
Swiss watch exports resumed their long slump in January after a brief respite the previous month triggered by the easing of US tariffs.
Exports fell 3.6 percent last month from a year earlier to 1.9 billion Swiss francs ($2.5 billion), the Federation of the Swiss Watch Industry said Thursday. Watches in the most expensive category made from precious metals led the decline.
It’s a setback for an industry that was upended last year due to US president Donald Trump’s punitive tariffs. Their retroactive easing from November boosted exports the following month, but the value of watches sent to the industry’s biggest market slumped 14 percent in the latest figures.
Overall, watches priced above 3,000 francs were down 8.1 percent in value. There was a 14 percent contraction in exports of watches made from precious metals, that was not offset by a 16 percent increase for bimetallic watches.
ADVERTISEMENT
Exports to China and Hong Kong, meanwhile, rose 5 percent and 2.6 percent respectively, a boost for the industry after several months of declines. The timing coincided with the buildup to the Lunar New Year, when brands typically send more inventory for a period of family gatherings and exchanging gifts.
Elsewhere, exports to France soared 37 percent, but the Singapore and UK markets turned negative, according to the federation.
By Allegra Catelli
Learn more:
Audemars Piguet’s Plan to Extend Its Winning Streak
The Swiss watchmaker’s revenue grew by 10 percent last year, far outpacing the sector. Robin Swithinbank speaks to CEO Ilaria Resta about how she plans to keep up the momentum.
