The company was upbeat about a recovery in China, a key market for the luxury sector overall and Swatch Group in particular where it generates around a third of its sales, according to estimates by Zuercher Kantonalbank.

The export value of the Swiss watch industry in December 2022 reached 2.024 billion Swiss francs (CHF), an increase of 5.8% compared to the same period last year.

In the third quarter, sales in mainland China declined 24 percent from a year earlier.

Zurich-based holding company DKSH has announced the sale of its 25% stake in Bovet Fleurier SA, a Swiss watchmaking brand, to Mr. Pascal Raffy and his family.

Bucherer CEO Guido Zumbühl stated: “This acquisition fits into our strategy to strengthen our presence in Denmark further, and to follow up on our market entry in 2016 with our first boutique at the Illum department store.”

This exhibition, jointly organized by CDFG and the Swiss Foundation for Haute Horlogerie (FHH), is the only Haute Horlogerie exhibition in China in 2022.