Could this really be the end of the Swiss watch industry?
Reports have shown that the number of luxury watches being exported out of Switzerland have dropped. Forcing us to ask the question-is this the end of the Swiss watch industry?
There are multiple factors in this decline including the weakening of Chinese currency, high gold prices and even terrorism. Another likely factor is the very nature of what makes these watches so desirable-their design. The watches still very much rely on an old school design which is increasingly being snubbed in favor of more modern technology such as the apple watch and many brands are reluctant to move their business online despite customers preferences for online shopping.
There's no denying the figures though Swatch Group, the Omega owning watch giant, saw profits fall by 53.6% while Compagnie Financière Richemont SA have been forced to axe over 350 jobs this year alone.
So what is going to happen to the industry? Only time will tell. One thing is for sure it's going to be a very different industry to the one we know now in a few years time.
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