The Swiss watch industry has exported 220,000 fewer watches priced above CHF 3,000 over the past two years, a decline of about 10%, suggesting that even the high end of the market is not immune to volume pressures. Just a handful of big brands grew or held volumes, including Cartier, Audemars Piguet, Patek Philippe, and Richard Mille, according to the bank, which says other large players have seen a meaningful contraction.
“The pressure appears particularly acute for Richemont’s IWC, Jaeger-LeCoultre, and Panerai, Swatch Group’s Omega and Hublot at LVMH, all of which are heavily exposed to a more cyclical, male skewed client base and to softer markets such as China,” the Vontobel analysts, led by Jean-Philippe Bertschy, write in the report.
Andy Hoffman
2026-02-12 14:00:00