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.
Exports to China increased by 75 percent in July, compared with the same month in 2019, according to the Federation of the Swiss Watch Industry.
Other Asian markets declined, with Hong Kong exports falling by a quarter compared with July 2019. European exports overall were close to flat in comparison to exports for the same period two years ago, but the US saw strong growth of close to 50 percent compared to the pre-pandemic period as domestic consumption rebounded strongly, the federation said.
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Brands Invest Big in China’s Booming Watch Market
Mainland China is now the number one export market for Swiss watches, but some luxury watchmakers risk becoming over-reliant on the region.
With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.
Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.