In the first 11 months of this year, the global export value of Swiss watches was approximately CHF 23.9 billion, a year-on-year decrease of 2.7%.

“We have been overly promotional… the level of markdowns has not only impacted our brand but also disrupted the overall market and the profitability of our partners.”

Sales in the Chinese market grew by high single digits year-over-year on a reported basis, and by low double digits on a constant currency basis.

Barrie was acquired by Chanel in 2012 and relaunched in 2014.

The branded down apparel business remains the group’s largest revenue source, with its contribution further increasing to 68.9%.

“We are not expanding for the sake of expansion, nor are we seeking short-term gains, but rather we are focused on truly building the brand for the next five, ten, or fifteen years.”

Chow Tai Fook plans to open a new five-story store in Shanghai in 2025, which will also be the group’s first flagship store in the Chinese Mainland.

In the first 10 months of this year, the global export value of Swiss watches totaled approximately CHF 21.5 billion, marking a 2.6% decline compared to the same period last year.

Despite the complex macroeconomic environment, luxury consumption has remained remarkably stable due to consumers’ strong desire for exceptional living experiences.

“The strong performance across each geographic region this quarter highlights the resilience of our diversified growth drivers and the growing strength of our high-end consumer base, giving us the confidence to raise our fiscal year outlook ahead of the critical holiday season.”