Bloomberg

(Bloomberg) -- Swiss watch exports dropped in May, bringing the industry’s slump close to a full year as rich consumers cut back on luxury spending.

Shipments fell 9.7 percent, and declined 14 percent adjusted for working days, Switzerland’s customs office said in a statement Tuesday. Exports have declined for the past 11 months, and had back-to-back monthly double-digit declines in March and April.

Swiss watchmakers have been struggling with a wider slowdown in demand for timepieces across all of Switzerland’s main markets so far this year. Hublot and Zenith, owned by LVMH Moet Hennessy Louis Vuitton SE, have decided not to open any additional stores in Hong Kong amid a market that’s “more adapted for closing stores rather than opening stores,” watch chief Jean-Claude Biver said on June 13.

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

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