Swiss watch exports tumbled 22.4 percent in February compared to a year ago, the Federation of the Swiss Watch Industry said Thursday March 19, with exports to the United States plunging by almost half.
IFF has announced the opening of a new high-tech centre for flavourings and perfumes on the outskirts of Sao Paolo, a way for the company to increase its presence in South America as well as increase its supply capabilities.
Jewellers and watchmakers are bracing themselves for make-or-break deals at the world's top luxury trade fair in Basel starting on Thursday March 26 as the industry suffers its worst decline in a more than a decade.
Demand for Swiss timepieces fell sharply for the fourth month in row in February, with exports to the United States tumbling by almost half as the wealthy cut spending on accessories, data showed on Thursday March 19.
Switzerland exported half a million fewer watches in November as the economic downturn hit the country's key watch making industry in the first monthly decline since March 2005, data showed on Thursday, December 18th. Exports fell 15.3 percent to 1.