Start of a marked downturn on Swiss watch exports with China plunged by 51.5%; Geneva Watch Days re-scheduled to August 26th - August 29th

   
 
 

Market News

 

Start of a marked downturn on Swiss watch exports with China plunged by 51.5%

According to the Federation of the Swiss Watch Industry FH, the impact of the coronavirus epidemic began to be felt on Swiss watch exports in February. The value of exports contracted by 9.2%, to 1.6 billion francs. However, this does not yet fully reflect the actual situation in certain markets. Steel watches accounted for almost two thirds of the drop in value and 90% of the decline in volume. In total, the sector exported 1.3 million watches, i.e. 380,000 fewer than in February 2019 (-22.2%). Several markets held firm, however most Asian markets fell, often posting very sharp declines. The United States (+17.8%) continued the upswing seen in January and benefited from a favourable base effect. In Asia, Hong Kong (-42.0%) recorded its worst monthly decline in the last 20 years, while China plunged by 51.5%. Japan (-2.1%) fell only slightly, while the United Arab Emirates (-26.3%) and South Korea (-11.2%) declined more sharply. In Europe, there was a decline in the United Kingdom (-18.9%), but surprisingly, continued growth in Germany (+7.3%), France (+12.6%) and Italy (+5.0%).

 

Geneva Watch Days re-scheduled to August 26th - August 29th

The steering committee of the Geneva Watch Days, initially planned for late April 2020, has postponed the event due to the Covid-19 fast expansion in Europe and the rest of the world. This initiative launched by several major luxury brands including Bvlgari, Breitling, Ulysse Nardin, Girard-Perregaux, Gerald Genta, Urwerk, H. Moser & Cie, De Bethune and MB& F, will now take place from August 26th to August 29th 2020. It will be the only significant gathering for the watch community in 2020 after Baselworld and Watches & Wonders cancellation.
 
 

Company News

 

LVMH prepares to manufacture and distribute free hydroalcoholic gel in large quantities

Given the risk of a shortage of hydroalcoholic gel in France, Bernard Arnault, Chairman and CEO, LVMH Moet Hennessy Louis Vuitton, has instructed the LVMH Perfumes & Cosmetics business to prepare its production sites to manufacture substantial quantities of hydroalcoholic gel to be provided to public authorities. LVMH will use all the production facilities of its Perfumes & Cosmetics brands (Parfums Christian Dior, Guerlain and Parfums Givenchy) in France to produce large quantities of hydroalcoholic gel.
 

Favre-Leuba appoints new CEO

Favre-Leuba has announced the appointment of Philippe Roten as global Chief Executive Officer.  Mr. Roten will lead the company’s evolution beyond its historic position as the second oldest Swiss watch brand to an exciting and contemporary brand relevant for today’s action seekers around the world. With more than 18 years’ experience in luxury across a number of international watch brands, Mr. Roten takes up his new position at Favre-Leuba following senior management roles in both the Swatch and LVMH Groups where he developed a strong track record in successfully driving change and improving operating efficiencies.

 

Gerald Charles supports the Covid-19 Solidarity Response Fund by WHO

The Swiss Haute Horlogerie Maison, Gerald Charles will donate 30% of its net proceeds from March 24th through September to support the COVID-19 Solidarity Response Fund by the World Health Organization (WHO) hosted by the Swiss Philanthropy Foundation and the United Nations Foundation. The fund was recently created by the WHO in Geneva, Switzerland, in response to the coronavirus pandemic currently impacting over one billion people from communities around the world. 

 

GJEPC to contribute Rupees 50 Crores from its reserves to fund livelihood of daily wage workers of the Gems & Jewellery Industry

The Gem & Jewellery Export Promotion Council, the apex body of the Gem and Jewellery industry in India, has come forward to contribute a Fund of Rs. 50 Crores from its own reserves to help the needy workers of the industry impacted by Covid-19. The Fund allocated by GJEPC will also be utilized to support the Government in undertaking several initiatives to fight the current crisis in India. GJEPC has pledged to serve the Nation and in particular the Indian Gem & Jewellery Industry in every possible manner.
 
 

Product Launch

 

Audemars Piguet releases its Limited Edition (Re)master01

Audemars Piguet’s newly crafted selfwinding chronograph brings the aesthetics of the past into the present. Like a remastered recording from the 1940s, [Re]master01 Selfwinding Chronograph reinterprets one of Audemars Piguet’s rare chronograph wristwatches with the Manufacture’s latest technology and a dial design increasing legibility for the present day. This first remastering project brings forward the Manufacture’s creativity during the tumultuous and transitional World War II era. This limited edition of 500 pieces evokes the highly distinct design attributes of the original chronograph wristwatch from 1943, with its two-tone steel and pink gold case enhanced with a champagne dial.
 

Revealing the new Breitling Premier Bentley Mulliner Limited Edition

Breitling has launched a special watch in celebration of its partnership with Bentley Motors. The Breitling Premier Bentley Mulliner Limited Edition shares part of its design inspiration with Bentley’s Continental GT Mulliner Convertible. The new Breitling timepiece commemorates 17 years of collaboration – the longest-ever partnership between a watch brand and an automobile manufacturer – and focuses on the Bentley Mulliner workshop, which since 1959 has crafted the leading luxury carmaker’s most unique tailor-made models. The Premier Bentley Mulliner Limited Edition is limited to 1000 pieces. It features a 42-millimeter stainless steel case presented on a blue alligator leather strap, echoing the Imperial Blue leather interior of the car.
 

Chronoswiss presents Sirius Chronograph Moon Phase

Chronoswiss has added another star to its glittering Sirius collection with the dazzling unique Sirius Chronograph Moon Phase. The stunning timepiece with, a navy dial chronograph with a moon phase and analog date indicator, completes a trio along with the previous steel and gold white dial options from Swiss fine watchmaker. Ensconced in a 41-mm steel case stylized with partially knurled edges, polished and brushed finishing, uncommon tipped chronograph pushers, and the characteristic large onion crown, this weighty customer comes with a Louisiana alligator strap using long, straight lugs.

 
 
 
 

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