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The Swiss Watchmaking Federation has revealed the financial results of luxury watch exports for April. No consequence of the pandemic; it had almost no influence on watch exports, which jumped spectacularly in April 2021, also impacting Richemont and Swatch shares.
Exports in April 2021, compared to April last year, increased more than fivefold, a rate of +446%. On average, the watch sector in March and April 2021 returned to foreign delivery levels equivalent to those recorded in the pre-crisis period. Exports abroad therefore stood at 1.79 billion Swiss francs, according to the watch industry federation.
By comparison, in April 2020, when the Covid-19 pandemic was in full swing, exports fell sharply, reaching a sales level of 81.3%. The following May and June also followed the same trend, with very negative results.
In order to make their comparison, the watchmaking federation has brought out the statistical results for 2019, which are considered more relevant. Exports rose by 2.0% in April 2021 compared to the same month in 2019. Shipments of wristwatches abroad rose by 2.5% to 1.71 billion francs, while the “other products” category fell by 7.0% to 84.9 million. Watches in precious metals and “other metals” enjoyed the strongest growth, at 7.5% and 8.0% respectively.
The leading market for the watch sector in April 2021 was the United States, recording a 13.1% increase in exports. Next came China (+12.8%) and Hong Kong (+10.5%). In Europe, the United Kingdom took the place of the leading European market for watch sales, in 6th place in the ranking. Deliveries from this country rose by 5.7%.
The development of exports until the end of spring will therefore be decisive in determining whether the recovery of this sector is indeed part of a lasting trend.
This spectacular jump in watch exports has had many positive effects, particularly on two Swiss companies: the luxury group Richemont and the watch brand Swatch.
Swatch and Richemont have benefited “disproportionately” from this increase, thanks in particular to their low cost structure. At 11.45am on Thursday 27 May, the Biel-based group Swatch was in second place on the SMI, climbing by 1.7% to 280.50 francs, while its Geneva-based counterpart, Richemont, was up by 0.3% to 95.02 francs.
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Featured photo : © Watchmaking Federation[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
The Swiss Watchmaking Federation has revealed the financial results of luxury watch exports for April. No consequence of the pandemic; it had almost no influence on watch exports, which jumped spectacularly in April 2021, also impacting Richemont and Swatch shares.
Exports in April 2021, compared to April last year, increased more than fivefold, a rate of +446%. On average, the watch sector in March and April 2021 returned to foreign delivery levels equivalent to those recorded in the pre-crisis period. Exports abroad therefore stood at 1.79 billion Swiss francs, according to the watch industry federation.
By comparison, in April 2020, when the Covid-19 pandemic was in full swing, exports fell sharply, reaching a sales level of 81.3%. The following May and June also followed the same trend, with very negative results.
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The Swiss Watchmaking Federation has revealed the financial results of luxury watch exports for April. No consequence of the pandemic; it had almost no influence on watch exports, which jumped spectacularly in April 2021, also impacting Richemont and Swatch shares.
Exports in April 2021, compared to April last year, increased more than fivefold, a rate of +446%. On average, the watch sector in March and April 2021 returned to foreign delivery levels equivalent to those recorded in the pre-crisis period. Exports abroad therefore stood at 1.79 billion Swiss francs, according to the watch industry federation.
By comparison, in April 2020, when the Covid-19 pandemic was in full swing, exports fell sharply, reaching a sales level of 81.3%. The following May and June also followed the same trend, with very negative results.
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