Swiss Luxury Watch Market Succumbs to a Brutal China-Led Slump
- Richemont and Swatch see double-digit watch sales declines
- Drop in China demand rippling through key Swiss industry
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Sales of Swiss-made luxury watches are in sharp retreat as nervous consumers reconsider splashing out on expensive timepieces and demand slumps in one of the industry’s key markets.
Fresh numbers this week from Switzerland’s two largest publicly traded watchmaking conglomerates, Richemont and Swatch Group AG, confirmed a brutal, China-led pullback that’s also tarnished luxury fashion brands from Burberry Group Plc to Hugo Boss and Gucci.