The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
GENEVA, Switzerland — Swiss watch exports rose at the fastest monthly pace in more than four years in October, helped by an easy comparison with last year and fuelled by Asian demand for higher-priced timepieces.
Shipments increased 9.3 percent to 1.85 billion francs ($1.9 billion) in October, the sixth consecutive monthly increase, the Federation of the Swiss Watch Industry said Tuesday. The gain is the biggest since January 2013.
The latest export figures underline the industry’s recovery after it exited its longest slump on record earlier this year. Gains have been led by China, as the effects of a four-year crackdown on corruption waned, with the U.S. lagging behind.
There’s been a “massive” recovery in the market and Swatch Group AG’s sales accelerated in October after rising more than 10 percent in September, Chief Executive Officer Nick Hayek said in an interview published by NZZ am Sonntag two days ago. The company’s Omega brand unveiled its first e-commerce site, for the U.S. market, on Monday.
ADVERTISEMENT
Some clouds lie on the horizon, among them an anticorruption campaign in Saudi Arabia similar to China’s. Still, the Middle Eastern market is smaller than that of the Asian country, which is the biggest consumer of Swiss watches.
Smartwatch competition has been weighing on less expensive timepieces. Apple Inc. has said sales of its Apple Watch have risen more than 50 percent for three straight quarters. That’s weighing on less expensive Swiss timepieces the most. Shipments of watches with wholesale values of less than 200 francs fell 3.4 percent in October, the only price category to decline.
Watches costing 500 francs to 3,000 francs rose 20 percent, leading gains.
Among other highlights:
By Thomas Mulier; editors: Eric Pfanner and John J. Edwards III.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.