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Soaring of watch exports: Richemont and Swatch explode on the stock market

Soaring of watch exports: Richemont and Swatch explode on the stock market

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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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Featured photo : © Watchmaking Federation

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