Swiss Watch Exports Rise for Fifth Month on US, Europe Demand
(Bloomberg) — Swiss watch exports grew for a fifth straight month in September, buoyed by demand in the US and Europe.
Total shipments rose 2.7% to 19.5 billion francs ($23.6 billion) in the first nine months of the year, the Federation of the Swiss Watch Industry said Tuesday.
Exports to the US soared 86% last month, partly reflecting a tariff-related slump a year earlier. Watches priced below 500 francs fared best. The report is positive for Swatch Group AG, said RBC analyst Nikolaos Lafioniatis.
Expensive timepieces — those priced above 3,000 francs at export — also saw shipments climb.
Exports to China declined while they grew in Hong Kong and Japan, showing “significant regional divergence,” according to Citigroup analyst Thomas Chauvet.
Global luxury brands have faced a deepening slump in China, where the economy is slowing and the government has cracked down on conspicuous consumption. An LVMH Moët Hennessy Louis Vuitton SE report this month showed that sales on the mainland fell by double digits last quarter.
Exports to the United Arab Emirates dropped 9% amid ongoing geopolitical disruption.
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