Swiss Watch Slump: Exports to China down 25%

Swiss watch exports slumped in February, down 8.2 per cent, with sales in China down by a quarter.

The Federation of the Swiss Watch Industry Exports (FHS) described it as a “marked slowdown in an uncertain climate”.

It follows a brief return to growth in January, when foreign sales rose by 4.1 per cent after a 2024 marked by steady decline.

China, the third biggest market for Swiss watches, saw sales plunge by 25 per cent year-on-year in February. Exports to Hong Kong, the second biggest market, fell by 12.5 per cent, and they were down 19.1 per cent to Japan.

In the US they fell 6.7 per cent, in marked contrast to a 16.2 per cent increase the previous month.

“Most of the main markets saw significant declines in February,” the FHS said in its monthly update. “Swiss watch exports fell back by 8.2% in February, despite a favourable base effect.”

The six biggest markets, representing just over half of all Swiss watch exports, recorded a combined decease of 12.5 per cent.

Mid-priced watches – CHF 500 to CHF 3,000 ($550 to $3,300) – suffered the biggest losses, down over 15 per cent by value.

Source: IDEX

US Watch and Jewelry Sales Dip in January

Sales of watches and jewelry in the US dipped in January, for the first time in well over a year. They were 3.0 per cent less than the previous January, according to the latest figures from the US Department of Commerce.

In addition, revisions to November and December sales figures now show slower growth than originally reported.

Figures based on actual through-the-till transactions, rather than estimates, put sales at +2.6 per cent and +1.5 per cent respectively, rather than the revised figures of +3.0 per cent and +4.0 per cent.

Sales of watches and jewelry had been in positive growth since October 2023, and they peaked last September and October at around 10 per cent. Prior to that they’d been in overall decline since October 2022.

Source: DCLA

Breguet’s Classique Tourbillon: A dazzling mix of diamonds and precision

The latest Breguet watch is a marvelous piece with beautiful diamonds and a unique design. It symbolizes the brand’s innovative spirit and horological elegance, passed down through time. 

Thanks to a unique stone-setting technique, the watch has an elegant pattern that makes the dial stand out. According to Breguet, the Classique Tourbillion 3358 is the embodiment of Abraham Louis Breguet’s ideas, which date back to 1801.

Abraham Louis, the founder of the brand, came up with a unique technique of setting gems on a watch’s dial in the 19th century. While this timepiece has a dazzling front face, it also stands out due to its mechanical precision. Abraham Louis’ innovations merged these two fields into one—mechanical precision and style.

The dial comes with different diamonds, set in different positions to create a circular pattern that converges at one point, reflecting light stylishly. Stones are positioned close to one another to cover the base that supports them.

In terms of performance, this timepiece is powered by one of the most innovative movements from the brand, the in-house caliber 187D tourbillon, which is capable of offering a 50-hour power reserve. It’s a movement that was developed for precision and accuracy by Abraham Louis but has been updated over the past few decades to keep up with the times.

Speaking of which, the watch’s dial has different cuts, which offer views into the mechanism. While the front face features hundreds of diamonds, the back has an interesting moon-like texture, characterized by grooves and ridges.

Source: DCLA

Rolex’s 30% Share of Swiss Watch Market

Rolex Submariner

Rolex remains the king of Swiss watches, with more than a 30 per cent share of the market in 2023, according to new research by the investment bank Morgan Stanley and consultants LuxeConsult.

“No other luxury brand can claim such a dominant position in its respective sector,” they say in a new report.

Rolex’s market share is more than next five biggest brands combined: Cartier (8 per cent), Omega (7 per cent), Patek Philippe (6 per cent) Audemars Piguet (5 per cent) and Richard Mille (3 per cent).

Rolex’s revenue for the year are estimated at $11.43bn (CHF 10.1bn). It sold an estimated 1.24m watches last year, at an average cost of $13,832 (CHF 12,218). Second-placed Cartier sold 660,00 watches at an average cost of $6,467 (CHF 5,712).

Total sales of Swiss watches last year returned to pre-Covid levels, up 7.6 per cent year-on-year to $30.23bn (CHF 26.7bn).

Source: DCLA