2017 continues to shape up well for Swiss watch exports, which recorded 9% growth in May compared with the previous year. The figures in detail.
Articles on the subject: Economy
Deloitte's latest report on the luxury market reveals two trends. One is the shift from the physical environment to digital experience. The second pinpoints luxury consumers' growing desire for personalisation.
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As LVMH prepares to launch 24 Sèvres, an online department store selling 150 luxury brands and a potential rival to Yoox Net-A-Porter or Farfetch, watch brands have yet to properly embrace the digital domain.
Despite three fewer working days, April saw watch industry exports reach a figure of 1.5 billion francs. At -5.7%, the contraction was less severe than expected. The trend therefore remains close to the figure posted at the end of March. For the first four months of the year, the variation is -3.6%.
The main luxury groups have reported a significant rise in revenue for the year's first quarter. Signs of a similar upturn in the watch segment suggest the industry could be back in the black for 2017.
For Audemars Piguet CEO François-Henry Bennahmias, it's a simple equation. Each year, some 600,000 luxury watches are produced for a global market of 30 to 40 million people. Until the figures balance, Swiss watchmaking can look forward to some great years… provided it knows how.
With a 46% decline in net profit in 2016, Richemont is also grappling with the world economic crisis. A look at results.
The biggest European private equity firm, CVC Capital Partners, has acquired a controlling stake in Breitling. The Schneider family, owner of the brand since 1979, retains a 20% share. The transaction, valued at €800 million, will close in June subject to approval by competition authorities.