Swiss Watch Exports Fall, But Premium Segment Could Continue to Outperform -- Market Talk

Dow Jones04-18

0920 GMT - Swiss watch exports continued to deteriorate in March, in line with cautious expectations for 2024, Citi analysts Thomas Chauvet and Lorenzo Bracco say. Total exports fell around 16% compared with March 2023 to CHF2 billion, according to data from the Federation of the Swiss Watch Industry. Timepieces in all price segments posted a decline, but those priced over CHF3,000 outperformed the rest. This matches general trends in the luxury sector, in which companies that cater to the wealthiest consumers are achieving better results, as these customers are more resilient in a context of macroeconomic slowdown. "With the high-end consumer relatively more resilient, we expect ongoing outperformance from the upper-end watch segment," the analysts write in a research note. This bodes well for Swiss luxury group Richemont, they add. (andrea.figueras@wsj.com)

(END) Dow Jones Newswires

April 18, 2024 05:22 ET (09:22 GMT)

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