December 4, 2023

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Swiss watch CEOs from Patek Philippe to Oris see slowdown after growth

2 min read

“I don’t say that it’s very dangerous “- under no circumstances. However I simply see that it’s slowing down,” he added in an interview.

Oris, the impartial model, stated though its revenues are up by double-digit proportion factors to date this yr it too is seeing some early indicators of softness from retailer orders.

“The promote out has been constantly good however then stocking has been a bit bit softer,” Co-CEO Rolf Studer stated in an interview.

The feedback mark an early indication that the luxurious watch sector could also be cooling after demand and Swiss exports surged to file ranges near 25 billion Swiss francs ($27.6 billion) throughout the pandemic as a brand new technology of customers, notably within the US, rediscovered mechanical timepieces.

Demand for Patek’s timepieces, which begin at round $30,000, nonetheless far outstrips provide. However the firm’s president stated anticipation of latest fashions or ongoing considerations about Russia’s assault on Ukraine and financial uncertainty might be damping shopper appetites.

Oris, whose common watch worth is up from 2,200 francs to 2,400, stated the US market was nonetheless sturdy as was France however European nations together with Germany, Belgium and the Netherlands had been more difficult.

“You see that persons are a bit extra cautious,” he stated.

Julien Tornare, the pinnacle of the Zenith watch model, warned that there’s “fairly a little bit of instability in every single place” regardless of ending 2022 with the all time gross sales efficiency since being acquired by luxurious juggernaut LVMH Moet Hennessy Louis Vuitton in 1999.

Tornare pointed to the “trauma” of the three-year pandemic shutdown of the China retail market, which was the highest vacation spot for Swiss watch exports earlier than being surpassed by the US in 2021.

“I feel we have to be a bit affected person to get again to what we knew earlier than,” Tornare stated of Chinese language consumers who’ve but to totally return to pre-pandemic spending habits for the reason that finish of Covid-Zero insurance policies there.

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