Swiss watch industry facing worst crisis

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koimaster
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Swiss watch industry facing worst crisis

Post by koimaster » June 28th 2020, 7:08pm

ZURICH, June 25 (Reuters) - The Swiss watch industry is facing the worst crisis in its history, with the coronavirus pandemic expected to reduce sales by up to 30% this year, Ricardo Guadalupe, the head of LVMH Moet Hennessy Louis Vuitton brand Hublot said.

“Over the year the industry will record a decline of 20 to 30%,” Guadalupe told German newspaper Handelsblatt in an interview published on Thursday.

“Consumption has been brought to a complete standstill. It is not yet clear when and what may be reopened. And then there will be the question of how quickly people’s confidence will return,” he added.

Some manufacturers could close down, he added, with cash flow the biggest problem faced by companies.

https://www.reuters.com/article/lvmh-hu ... K1qNZUEAAQ
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Re: Swiss watch industry facing worst crisis

Post by MKTheVintageBloke » June 28th 2020, 8:42pm

If they weren’t fleecing as they do, their wares would be easier to sell. It’s not a matter of corona, it’s a matter of them having fucked themselves with a cactus over the last decade.
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Re: Swiss watch industry facing worst crisis

Post by MKTheVintageBloke » June 29th 2020, 7:01am

artman wrote:
June 28th 2020, 9:03pm
Rollback their prices 10 years and shit will sell again. I just solved the Swiss crisis. I need a beer.
Indeed. Most of these prices is markup anyway. The "storage value" of these watches is usually less than 33% of the MSRP, sometimes closer to as little as 25% of it.

By the way, it's not like production costs and salaries grow all that much to warrant the price increase. If anyone has heard of the most recent development at Richemont... The employees there are basically about to mutiny, running on the lowest possible pay. The head of their HR has been busted trying to pump up her own premium, while calling for taking away more and more from the common employee. I do, however, have the feeling that it's not only the case of her, she's only one who got caught doing it. I wouldn't be surprised if the rest of the "big fish" in the upper echelons were doing the same, and if it wasn't just Richemont.
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Re: Swiss watch industry facing worst crisis

Post by TemerityB » June 29th 2020, 6:24pm

We are gonna see the end of the traditional watch store as we know it. People are getting used to ordering goods online now. The Swiss watch industry seems to have gotten its first Commodore 64 - they're just getting into this whole World Wide Interweb thing after spending untold millions advertising in glossy magazines that nobody ever reads. They seem to be slowly catching up, but they've cost themselves in being so hoity toity.
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Re: Swiss watch industry facing worst crisis

Post by 3Flushes » June 29th 2020, 8:55pm

TemerityB wrote:
June 29th 2020, 6:24pm
We are gonna see the end of the traditional watch store as we know it. People are getting used to ordering goods online now. The Swiss watch industry seems to have gotten its first Commodore 64 - they're just getting into this whole World Wide Interweb thing after spending untold millions advertising in glossy magazines that nobody ever reads. They seem to be slowly catching up, but they've cost themselves in being so hoity toity.
The customary spot on look at the industry. Late, not that brand ambassadors and the ads in Robb Report, et. al. will disappear as long as the rags the lux crowd eat up are printed- for what- another six months? Things are happening fast. Everything will be on this damn web coming in on a nano chip behind your face within like 7 years. And that's nothing compared to the one that gets shoved up your nose into your frontal lobes at birth.

Well, the web after all, is best known for smut, back-door discounts, eBay, Amazon, and products sold in somewhat of a spin for a discount or free shipping carnival barking atmosphere. Very un-luxury, indeed. Someday everything will be sold this way- even $30,000 plastic purses, even Mercedes, and a $111,000 Hermes leather attaché case that is so fucking thin it wouldn't hold enough cash to buy it with, or a $23,000 'custom' suit you have 'finalized' yourself upon delivery, or all that other luxury stuff of which watches are the only truly cool luxury product.
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