Patrick Pruniaux, CEO of Swiss watch brands Ulysse Nardin and Girard Perregaux, said the economic fallout of Covid-19 will have a knock-on effect on the industry over the next several years.

Bulgari organised the event, Geneva Watch Days, after the coronavirus outbreak forced the cancellation of other industry gatherings. Eight brands have signed on so far.

Russia's lurch into recession has hit many tourism and luxury goods companies hard, forcing them to cut prices — and in turn costs — in an attempt to limit the damage.

The Savigny Luxury Index fell a further 3.8 percent this month.  The outlook for the luxury goods sector darkened as disappointing results from industry leader LVMH showed how the strong euro and political protests in Hong Kong were curbing spending and hitting profits.