Monday, 26 October 2009

Swiss Watchmakers Are Alarmed Over Another Sales Slump – 26/10/09

Time has not healed all for the Swiss watch industry – in fact Reuters revealed that demand slipped 26 percent in September, reversing the improvements seen in the previous two months.

These latest figures revealed, “Exports to Hong Kong, the industry's biggest market, slumped 30 percent, while demand in the United States fell 43 percent. China was down 1.1 percent and exports to Singapore fell 3.3 percent.”

Due to this disappointing data, Richemont shares also dropped 1.6 percent.

How times have changed. If we go back to late August (see the MO Down’s special Richemont report), Swiss watchmaker IWC, part of the Richemont Group, was said to be performing “astonishingly well” with “Hong Kong proving to be robust.” It looks like luxury customers are back to watching their spending…

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Who's behind the MO DOWN

Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury,