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Swiss watch foreign sales to Hong Kong lost 1.3% in July

Swiss watch foreign sales to their major market Hong Kong tumbled slightly a 1.3 percent in July during the progressively aggressive anti-government protests in Hong Kong that have tightened watch deals.

swatchPhoto: Flickr

That was a rough improvement from the 27 percent decline in June.

Total foreign sales by the segment gained 4.3 percent to 1.9 billion Swiss francs ($1.94 billion) in July.

One of the world's most well-known shopping destination point, Hong Kong is very nearly its first recession in 10 years as mass protests threatened vacationers and nibble into retail deals.

Hong Kong head Carrie Lam stated on Tuesday she trusted a quiet end of the week hostile to government demonstrations was the beginning of a push to reestablish quiet and that discussions with peaceful protesters would give "an exit plan" for the Chinese-ruled city.

The Asian monetary focus that returned from British to the Chinese government in 1997 is the greatest export market for Swiss watches, retaining 13.5 percent of the foreign sales by an incentive in July.

The American market had a 10.1 percent offer and China 8.0 percent, Federation of the Swiss Watch Industry numbers appeared on Tuesday.

Vontobel expert Rene Weber stated in a report a week ago that Hong Kong was one of the most significant markets for Swiss watchmakers Swatch Group and Richemont, speaking to about 11 percent of their deals.

Kepler Cheuvreux's Jon Cox stated he had trim development suppositions during the current year and next. He additionally diminished profit per share appraisals for Swatch Group by 6 percent and for Richemont by 4 percent throughout the following few years.

Swatch stocks tumbled 7.5 percent while Richemont shares advanced 19.3 percent the current year.


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  • avatar-1029
    Moneylover
    • #

    In my opinion Sino-U.S. trade row will affect worldwide exports with China. Even Europe, and, even Switzerland with their cool watches. I think, the consequences of the bitter dispute will be seen long after the conflict will be resolved.


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