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…