Back in the late 70′ and early 80’s, “designer watches” were a massive moneymaker. Tens of millions of consumers bought cheap quartz-powered timepieces branded Armani, Versaci, Lacoste, Gucci, Ted Baker, Ferragamo, Bruno Magli, Fendi, etc. That business has hit a brick wall. Head on. Hard. For example . . .
If not for a rebound in the Chinese market, June Swiss watch exports would have hit the proverbial basement floor. Even with the watch sales resurgence in The People’s Republic of Human Rights Abuses, the Swiss watch industry took a body blow. The monthly stats coming from the Federation of the Federation of the Swiss Watch Industry (SIHH) reveal a barely mitigated disaster, in one area of the biz in particular . . .
Yesterday, Watches of Switzerland revealed that it was pantsed by Coronageddon. Today, Richemont – the world’s third largest luxury goods conglomerate – reported their progress. How goes the battle for A. Lange & Söhne, BAUME, Baume & Mercier, Cartier, Van Cleef & Arpels, IWC Schaffhausen, Jaeger Le-Coultre, Panerai, Piaget, Roger Dubuis, Vacheron Constantin, Montblanc and Watchfinder & Co.? There are two key takeaways . . .