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Swiss watchmakers are meeting in Geneva<\/strong> this week for Watches and Wonders<\/strong>, their first major trade event in three years. However, they are facing the impact of the sanctions imposed on Russian oligarchs.<\/p>\n <\/p>\n Last year, Russia was only the 17th largest market for Swiss watch exports<\/strong>, but managing business and customer relations during such a sensitive period was high on the list of priorities. Indeed, sanctions against Russia<\/strong> and the ban on exports of luxury goods led brands to close their shops in the country and stop exporting to it.<\/p>\n <\/p>\n Russians account for about 2-3% of global luxury spending, or about \u20ac7bn, dwarfed by the US and China<\/strong>, according to Claudia D’Arpizio<\/strong>, senior partner and head of fashion and luxury at consultancy Bain<\/strong>. “These are loyal customers who buy every year and I think have strong relationships with some of these brands on a personal level<\/em>,” she noted.<\/p>\n <\/p>\n Russian retailers were unable to attend the show, according to Thierry Stern<\/strong>, director of Patek Philippe<\/strong>, which works with the large Russian luxury retailer Mercury Group<\/strong>.<\/p>\n <\/p>\n The Richemont<\/strong> Group said it had stopped buying Russian diamonds, but was confident it could source them elsewhere. Oris<\/strong>, meanwhile, said it had put plans to expand in Russia with a new retail partner on hold. “But we must not forget that there are also people there, families whose existence is threatened<\/em>,” co-CEO Rolf Studer<\/strong> told Reuters<\/strong><\/em>, pointing out that many brands had long-standing relationships with Russian partners.<\/p>\n <\/p>\n <\/p>\n <\/p>\n