Swiss watchmakers remain upbeat ahead of Geneva gathering
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- 31 Aug 2022
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Swiss watchmakers are not seeing signs so far that geopolitical tensions and recession fears are hitting demand for luxury timepieces, executives told Reuters ahead of the Geneva Watch Days event that opens on Monday.
Sales of Swiss watches have rebounded strongly from the 2020 pandemic slump, with the value of exports up 11.4% in the first seven months of 2022.
"For now people's state of mind stays positive. How long will it last? We don't know," said Jean-Christophe Babin, head of LVMH LVMH.PA jewellery and watch brand Bulgari.
He said Bulgari was gaining market share, seeing "much stronger" growth in its watch business than the rate of Swiss watch exports.
While there were many reasons to be alarmed over the last two years, including the pandemic, the war in Ukraine and inflation, "watch exports are nevertheless close to all-time highs", Edouard Meylan, head of independent watch brand H. Moser & Cie, said.
"We need to take advantage while it lasts, but we have to get ready for a slowdown," he said, adding sales were up by more than a quarter so far this year, with some bottlenecks for watch cases and straps.
Around 40 brands will take part in this year's Geneva Watch Days, an informal industry gathering launched in 2020 where exhibits are held in hotels and boutiques around town, making it more accessible than spring's exclusive Watches & Wonders show. Read More…
