The Savigny Luxury Index started the year on a high as it gained almost five percent over the month.
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Swatch will launch a smart watch in the next two to three months, the Swiss watchmaker said on Thursday.
Swatch Group AG, Switzerland’s biggest watchmaker, will raise prices at some of its brands by as much as 10 percent after the Swiss National Bank’s surprise decision last week to abandon the cap on the franc exchange rate.
TAG Heuer is set to enter uncharted territory this year with plans for a smartwatch that will be its only timepiece developed outside Switzerland.
The franc’s record surge may prompt luxury watch retailers in Hong Kong to absorb some of the price increase from Switzerland’s high-end timepiece makers as demand stays weak amid a slowing Chinese economy.
Swatch Group AG, Switzerland’s biggest watchmaker, lost its court bid to recoup 24.8 million Swiss francs ($24.3 million) of losses from investments with UBS Group AG that turned sour.
Swatch Group AG, the biggest Swiss watchmaker, said it doesn’t rule out forming agreements with consumer-electronics companies to help produce smartwatches amid increasing competition in timepieces with more functions.
Swatch Group AG’s Tissot T-Touch Expert Solar watch has a compass, tells the altitude and runs on solar power. It costs $1,250 — more than three times the smartwatch Apple Inc. unveiled yesterday, putting it squarely in the crosshairs of the tech giant’s latest gizmo.
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.
The Savigny Luxury Index fell 2.2 percent over the month, as adverse foreign exchange movements continue to weigh on the luxury sector’s growth.
ZURICH, Switzerland — Swatch Group AG, Switzerland’s largest watchmaker, will probably fall short of double-digit revenue growth this year amid unfavorable foreign exchange rates, Chief Executive Officer Nick Hayek said.
The Savigny Luxury Index fell 2.2 percent this month, as the standoff between the West and Russia over its annexation of Crimea sparked fears of a drop in luxury goods sales to valuable Russian tourists.