Jan
26
Swiss Watch Exports Have Worst Year Since Financial Crisis
By-
Shipments decline 9.9% in 2016 as Hong Kong market shrinks
-
Watch federation expects market to stabilize in 2017
Swiss watch exports fell 9.9 percent in 2016, the biggest drop in seven years, as high-end timepieces went unsold on retailers’ shelves in Hong Kong, the industry’s largest market.
Exports declined to 19.4 billion francs ($19.4 billion) in December, the Federation of the Swiss Watch Industry said in a statement Thursday. The annual decline is the worst performance since exports fell 22 percent in 2009 in the wake of the bankruptcy of Lehman Brothers and the subprime mortgage crisis…
Swiss Watch Exports Have Worst Year Since Financial Crisis
