A recent OECD report shows that the watch industry is the main victim of the trade in counterfeit “Swiss” goods, losing CHF 2 billion a year in foregone sales.
Articles on the subject: Economy
At CHF 316 million, watch auctions made 19% less in 2020 than the previous year, despite an increased number of sales including online. As noted by The Mercury Project, Phillips takes the top spot with a 39% share of the market.
Hainan island – one of the stop-offs for Watches and Wonders 2020 – reels in tourists and Chinese shoppers with its beaches, palm trees and duty-free malls, a sector that is now opening to competition. Richemont is in the running through a collaboration with China Duty Free Group and a stake in Dufry.
Within days of each other, Girard-Perregaux, Richard Mille and TAG Heuer announced partnerships with prestigious car manufacturers. Breitling, IWC and Roger Dubuis already have successful automotive alliances. More about this meeting of mechanical minds.
In the space of a year, Farfetch has become the one to watch in luxury e-commerce, a position confirmed by the billion-dollar investment by Richemont and Alibaba in the company, which is still reporting losses, and by its share price performance. In the twelve months to February 18, Farfetch stock gained almost 450%.
For brands that have made dive watches a speciality, safeguarding the oceans is high on their list of commitments to sustainable development.