Bloomberg

(Bloomberg) -- Swiss watch exports had their first back-to-back monthly double-digit decline in six years as the industry faces a more pronounced slowdown and shipments to China dropped.

Shipments fell 11 percent in April, and they declined 15 percent adjusted for working days, Switzerland’s customs office said in a statement Tuesday. Exports have declined for the past 10 months and the drop was 16 percent in March.

Richemont, the maker of Cartier watches, said last week that sales plunged 18 percent in April. Its stock has lost a third of its value in the past year. Swatch Group AG shares have dropped 26 percent in the same period.

To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.net. To contact the editors responsible for this story: Matthew Boyle at mboyle20@bloomberg.net, Thomas Mulier, Phil Serafino

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