Swatch Group Tanks – Coronageddon 39

“The Swatch Group reported its first annual loss since the early days of the Swiss watchmaker almost 40 years ago,” news18.com reports. Before we run the numbers, know this: Coronageddon is obscuring an existential threat to Swiss watches in general and the Swatch Group in particular. This isn’t news to regular readers of this series. Anyway, here’s where the Group stands now . . .

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The Decline and Fall of the Traditional Watch Industry – Coronageddon 38

“Swiss watch brand Frederique Constant is hoping to limit the fall in sales to 25% this year,” its chief executive told Reuters. “That’s what we’re aiming for.” Niels Eggerding said in an interview in Zurich this week. The Citizen subsidiary’s “cut some jobs” and “many employees are still working shorter hours under a Swiss state-backed programme to avoid layoffs.” Well there’s something the mainstream watch press isn’t reporting. The beginning of the end for the traditional watch industry? . . .

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Rolex Supply Up, Rolex Prices Down

Pre-Coronageddon, Rolex made some one million timepieces a year. Despite those vast production numbers, Rolex prices have been steadily climbing. Buyers were willing to stretch their budget -Rolex was the “safe choice.” Come hard times, they could convert their pricey watch into cash. Maybe not as much as they paid, but some. Well hard times are here . . .

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