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.

Analysts stated that the revised outlook still appears conservative, expressing optimism about future growth opportunities.

At constant exchange rates, sales in the Asia-Pacific region contracted by 18%. Although certain markets, including South Korea and Malaysia, experienced growth, combined sales in the Chinese Mainland, Hong Kong, and Macau declined by 27%.

This year, total Swiss watch exports globally amounted to approximately CHF 17.1 billion, a 1.4% decrease compared to the same period last year.

Sales in the Asia-Pacific region, led by the Chinese Mainland, surged by 73.7% year-on-year to CHF 59.2 million, significantly outpacing the Americas (+24.8%) and Europe, the Middle East, and Africa (EMEA) (+21.8%). The region’s contribution to the brand’s overall sales increased to 10.4%, up from 7.7% in the same period last year.

The jewelry and watch businesses of Buccellati, Cartier, and Van Cleef & Arpels all saw growth, driving a 4% year-on-year increase in sales for the jewelry segment.

In April, Swiss watch exports rebounded, with only the Chinese Mainland market showing a decline among the top twelve markets, including South Korea and Spain.

The total sales of the jewelry brand divisions, including Buccellati, Cartier, and Van Cleef & Arpels, increased by 6%, surpassing the €14 billion mark.

Antonio Belloni will step down as CEO and Chairman of the Executive Committee of LVMH Group, to be succeeded by Stéphane Bianchi, current CEO of the Watches and Jewelry division.

The Swiss watch industry concluded 2023 at a high level, with a year-on-year growth of 7.6% to 26.7 billion Swiss francs compared to the previous year.