Richemont, Swatch Rally on Optimism Worst Is Over in Watches
- Shares of both Swiss watchmakers trading near one-year highs
- Watch revenue may stop declining as retailers order more
Richemont and Swatch Group AG shares surged on optimism the Swiss watch industry may be bottoming out.
Richemont advanced as much as 9.4 percent to a one-year high after a gain in sales of timepieces at the Cartier maker’s own stores signaled that wholesale orders may stop declining. The Geneva-based luxury-goods maker also said sales to retailers are dropping less as demand in China has improved. Swatch rose as much as 8.5 percent to the highest since March.