Retail in Asia

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Swiss watchmakers expect timely growth

Swiss luxury watchmakers predict the market will grow this year, expecting rising demand from North America and Europe to more than offset slowing sales to China.

Independent watchmakers Audemars Piguet, Parmigiani, Greubel Forsey and Richard Mille, said at an industry show that they were expecting higher sales in 2014 than last year.

The Chinese government’s crackdown on the use of luxury goods as bribes and illegitimate gifts has hurt sales of luxury watches on China’s mainland, the third-largest market for Swiss watch exports.

 

(Source: Shanghai Daily)