243
Fashion Jobs
L'OREAL GROUP
Head of Advocacy & Influence - l’Oréal Dermatological Beauty - Copenhagen
Permanent · COPENHAGEN
ESTÉE LAUDER COMPANIES
District Manager (Funen/Jutland)
Permanent · AARHUS
ESTÉE LAUDER COMPANIES
Handelselev Med Speciale i Digital Handel - E-Commerce
Permanent · COPENHAGEN
ZIZZI
Online Buyer Til Fashion
Permanent · BILLUND
SAMSOE
Logistik Koordinator
Permanent · GLOSTRUP
ONLY
Business Controller
Permanent · BRANDE
ONLY
International Sales Manager
Permanent · BRANDE
JACK & JONES
Konstruktører, Jack & Jones og Jjxx
Permanent · BRANDE
BEST SELLER
Environmental Programme Coordinator
Permanent · KØBENHAVN K
BEST SELLER
Product Owner - Data-Driven Solutions & ai
Permanent · AARHUS
SELECTED FEMME/HOMME
Sales Representative
Permanent · BRANDE
L'OREAL GROUP
Key Account Relationship Specialist
Permanent · COPENHAGEN
SAMSOE
Business Controller (Sql And Data Analytics Specialist)
Permanent · COPENHAGEN
ACE & TATE
Optometrist Copenhagen i NY Østergade
Permanent · COPENHAGEN
VERO MODA
Business Controller
Permanent · AARHUS
VERO MODA
Buyer | Curve
Permanent · AARHUS
ONLY
Demand Planner
Permanent · BRANDE
L'OREAL GROUP
Supply Chain Graduate - l’Oréal Luxe Product Division - Copenhagen
Permanent · COPENHAGEN
KERING EYEWEAR
Kering Eyewear - Lindberg Junior Trade Marketing Manager
Permanent · AARHUS
ESPRIT
Area Manager Multilabel Nordic Women
Permanent · COPENHAGEN
ZIZZI
IT Operations Manager
Permanent · BILLUND
TJX EUROPE
Buying Coordinator
Permanent · COPENHAGEN
By
Reuters
Published
Sep 22, 2009
Reading time
2 minutes
Download
Download the article
Print
Text size

Swiss watch export decline eases for second month

By
Reuters
Published
Sep 22, 2009

ZURICH, Sept 22 (Reuters) - Demand for Swiss watches fell 22 percent in August, when the pace of decline eased for the second month in a row, but appetite for timepieces remained weak in the key Hong Kong and U.S. markets, the Swiss watch federation said.



The value of sales slipped to 843 million Swiss francs ($814 million) in August, falling below 2006 levels. Swiss watch exports have fallen 26 percent to 8.1 billion francs so far this year, the industry body said on Tuesday 22 September.

"August, which is traditionally a quieter month for the branch, saw 1.1 million watches exported from Switzerland, i.e. 590,000 less than in August 2008," the Federation of the Swiss Watch Industry said in a statement.

Exports to Hong Kong tumbled 26 percent, while U.S. demand shrank by 37 percent. But appetite for watches rose 20 percent in China, making it the third most important market for Swiss exports in August.

"Swiss watch exports in August continued the trend with just a slight slowdown in the decline. It is in line with expectations. The positive surprises were China, up 20 percent, and Singapore, up 9.6 percent," said Vontobel analyst Rene Weber.

"This confirms our case for Swatch Group (UHR.VX) with highest exposure to Asia ex Japan," he said. "We also expect a decline of 20 percent for September due to a high comparison base, but the fourth quarter of this year should get easier."

The industry, home to Swatch Group, the world's largest watchmaker, and luxury goods group Richemont (CFR.VX), is facing its most severe drop in demand in 20 years as consumers spend less on luxury items due to worries about job losses and the shrinking value of their portfolios.

But some watchmakers, such as Swatch Group, have hit a more optimistic tone about the outlook in recent weeks.

At 0720 GMT, shares in Swatch Group were down 0.2 percent at 235.90 francs, while Richemont shares were flat at 29.32 francs. The DJ personal and household goods index .SXQP was trading 0.3 percent higher.

Demand for watches costing 200-500 francs at export price remained the most resilient category, contracting 15 percent, while the fall in exports of watches priced over 500 francs posted a relative improvement on previous months, with their value 23 percent lower, the federation said.

"For the sixth consecutive month, the lower-priced segments performed better than the overall market," said Citi analyst Thomas Chauvet.

"While this may reflect short-term trading-down consumer behaviour, we argue it is unlikely to become a secular trend post the cycle. Over the past few years, the upper segment has consistently performed better than lower price points.," he said. (Editing by Dan Lalor) ($1 = 1.036 Swiss francs)

© Thomson Reuters 2024 All rights reserved.