“Swiss watch exports posted the biggest quarterly export drop since 2009 in the third quarter as plummeting sales in Hong Kong and China spread to other Asian markets in September,” Brenna Hughes Neghaiwi reports for Reuters. “Watch exports were down a real 8.5 percent for the third quarter after falling 9.9 percent in September and 10 percent in July, the Federal Customs Office said on Tuesday.”
“At 1.814 billion Swiss francs ($1.91 billion), September watch sales abroad significantly undershot analysts’ expectations, posting declines that were double to triple what analysts had forecast,” Neghaiwi reports. “Timepieces in all price segments were impacted, but watches in the low to mid-segment took the biggest hit. The 200-500 franc export category slipped 14.5 percent, igniting concerns that the Apple Watch could finally be taking a bite out of the Swiss industry’s stake.”
“On Friday, Bank Vontobel released a sector report highlighting Swatch Group’s particular smartwatch exposure, with its mid-range brand Tissot and lower range own label, Swatch,” Neghaiwi reports. “But Vontobel analysts remained optimistic that, due to the group’s technology know-how, it would offer its own smartwach offerings to compete with the Apple Watch and its likes.”
MacDailyNews Take: Beyond Apple Watch Sport, Apple Watch Edition, and Apple Watch Hermès, Apple Watch has no likes.
Read more in the full article here.
MacDailyNews Take: Bank Vontobel’s optimism is misplaced.
SEE ALSO:
LVMH’s Jean-Claude Biver sees tougher 2016 for Swiss watch industry – September 29, 2015
Swiss watch exports decline most since 2009 – August 20, 2015
I own two $6,000 Swiss watches, but I wear my Apple Watch most of the time – August 14, 2015
Swiss watch exports hit worst slump in five years as Apple Watch debuts – June 19, 2015
As Swiss watchmakers dismiss Apple Watch, Swiss National Bank increases Apple holdings by 60% – May 10, 2015
Apple Watch Edition is poised to disrupt the classic Swiss watch – April 16, 2015
Jean-Claude Biver changes his tune, calls Apple Watch ‘a fantastic product, an incredible achievement’ – January 20, 2015
TAG Heuer plans smartwatch as honcho Jean-Claude Biver changes mind as Apple Watch looms – December 16, 2014
Apple Watch starts countdown on face off with Swiss industry – October 31, 2014
The fashion elite crowd around Apple Watch at Colette in Paris – September 30, 2014
Jean-Claude Biver: ‘The Apple Watch cannot compete at all with European watches’ – September 15, 2014
Jean-Claude Biver: Apple Watch ‘too feminine; looks like it was designed by a student in their first trimester’ – September 16, 2014
Barclays: Apple Watch could crush companies like Fossil – September 16, 2014
Jean-Claude Biver: ‘The Apple Watch cannot compete at all with European watches’ – September 15, 2014
Old school watch makers don’t get Apple Watch – September 12, 2014
Apple Watch, the world’s first real smartwatch, will be a massive hit – September 9, 2014
Apple iWatch designer Jony Ive: Switzerland is in deep shit – September 4, 2014
[Thanks to MacDailyNews Reader “Bill” for the heads up.]