Monday, June 15, 2009

Watch Industry Battered

The latest figures released by the Federation Of The Swiss Watch Industry shows that demand for watches for January to April 2009 has dropped in Switzerland top 30 markets, except for Australia, South Korea and Oman. The rest of the markets registered negative growth over the corresponding period a year ago. The export dropped by 28% in units sold and 24% in value.

Even the 3 Japanese giant is not spared. Citizen (the world largest watch maker) reported a 5.3% ($1.35 billion) drop in sales. It also reported a 57.2% drop in operating profit. Seiko sales dropped by 20% with a 82% drop in operating profits. Casio too suffered with a drop of 7.6% in sales.

Source: The Federation Of The Swiss Watch Industry

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