Declining Swiss Watch Exports Could Cast Clouds for Richemont, Swatch -- Market Talk

Dow Jones03-19

0820 GMT - Swiss watch exports fell in February, which could be a negative read-across for hard luxury stocks including Richemont and Swatch Group, RBC Capital Markets analyst Piral Dadhania writes in a research note. Total exports of Swiss timepieces dropped 3.8% on year to CHF2.15 billion, according to data from the Federation of the Swiss Watch Industry. Exports to mainland China and Hong Kong saw sharp declines, by 25% and 19% respectively, while those to the U.S. increased 5.5%. The U.K. posted a 2.1% decrease. The performance in the U.K. and to a lesser extent the U.S. could be viewed as stable to incrementally less negative for Watches of Switzerland, the analyst says. (andrea.figueras@wsj.com)

(END) Dow Jones Newswires

March 19, 2024 04:21 ET (08:21 GMT)

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The U.K. posted a 2.1% decrease. The performance in the U.K. and to a lesser extent the U.S. could be viewed as stable to incrementally less negative for Watches of Switzerland, the analyst says. 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Total exports of Swiss timepieces dropped 3.8% on year to CHF2.15 billion, according to data from the Federation of the Swiss Watch Industry. Exports to mainland China and Hong Kong saw sharp declines, by 25% and 19% respectively, while those to the U.S. increased 5.5%. The U.K. posted a 2.1% decrease. The performance in the U.K. and to a lesser extent the U.S. could be viewed as stable to incrementally less negative for Watches of Switzerland, the analyst says. 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