Swiss watchmakers try to keep pace
Profits at the biggest manufacturer, Swatch, nearly halved in 2016
BASELWORLD, a giant watch fair that ended this week, usually runs like clockwork. Companies show off new products; buzz and higher sales follow. However, something seems to have jammed. Exports of Swiss watches sank by a tenth in 2016, the worst performance since the financial crisis. Swatch, the world’s biggest watch company, saw profits plunge by 47%. In February exports were 10% lower than they had been a year earlier.
This article appeared in the Business section of the print edition under the headline “Wound up”
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