Swatch Group watch and jewelry brands Prestige and Luxury Range: Breguet, Harry Winston, Blancpain, Glashütte Original, Jaquet Droz, Léon Hatot, Omega. High Range: Longines, Rado, Union Glashütte. Middle Range: Tissot, Balmain, Certina, Mido, Hamilton; Calvin Klein watches + jewelry. Basic Range: Swatch, Flik Flak.
Richemont is also affected! Richemont owns several of the world's leading companies in the field of luxury goods, with particular strengths in jewellery, luxury watches and writing instruments. Our Maisons™ encompass several of the most prestigious names in the luxury industry including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC Schaffhausen, Panerai and Montblanc.
Might as well list LV while we are at it, which they probably mean to LVMH group Watches and Jewelry Bulgari Chaumet De Beers Diamond Jewellers FRED Hublot TAG Heuer Zenith
Not there. I guess as an independent brand it doesn't quite compete with the sales of the larger groups
Sales in Asia down 21.4% in July http://news.sky.com/story/1538783/bad-times-for-swiss-watches-as-sales-slump
Would certainly make a lot of Omega Boutiques a more serene place to visit... (Shameless plug to my own thread) https://omegaforums.net/threads/homecoming.25595/
You think they separated Luis Vuitton from the the LVMH (Luis Vuitton Moët Hennesy) group? Wouldn't make much sense unless only LV is affected. Either way it's pretty scary. The Cartier boutique is closing here in Lausanne, so I guess that they are reacting fast.
Nice article in Le Temps this morning. The title reads Devaluation of the Yuan rejoices the Swiss Industrie. Nick Hayek (CEO of Swatch) is convinced that in mid-long term there will be a positif increase in sales in China. Which means that the sales on the European market are hurting but the sales in Asia could be increasing. They are up 15% in China. The Swatch group believes that a higher sales volume will compensate for the fluctuation of the Yuan. They will not bring up there prices in China. In other words it could be cheaper to buy a watch in China then here in Switzerland.
I just had a funny thought. Lower Chinese prices would mean Omegas coming from China would be a better buy for us in the USA. But then, I'd never buy a Swiss watch from China, seeing all the fakes are coming from there as well ..
You would have to find a method to go to China without spending your money to get there and then buy an OMEGA from their store. This scenario reminds me of the Seinfeld episode when Kramer and Newman were trying to get a higher refund for bottles outside of NY. Solution: cross-state mail truck delivery on Mother's Day.
Swatch group isn't stupid, a slowdown in the Chinese economy has been long coming. Everyone knew it was inevitable, the only question is whether it was going to be a hard or soft landing. IMO Chinese consumers have terrible taste in Omega watches, I'm told the Constellation is the #1 seller. Gross. Taiwanese prefer De Villes and Speedmasters iirc so they are a little more discerning
Seen today at Seoul Incheon airport. 25% as well on all Hublot watches with no negotiation, more if pressed. Not sure how typical this is though.