Reports have emerged from the Basel World Watch Fair that the luxury watch industry is not confident that rising watch sales is a true sign of recovery.Luc Perramond, Hermes’ watch CEO, said the Swiss watch industry could still see a double dip after showing signs of recovery. He is also worried about “a possible real-estate bubble” in China. "One has to remain cool-headed," he told Reuters.
Philippe Pascale, head of LVMH watches and jewellery, is also concerned about the sector, suggesting rising orders might have more to do with retailers than consumers.
According to the Business Financial News wire – Burberry shares have been downgraded to an add from a buy.
Image credit: hermes.com
