Swiss watch exports fell 7.6% in September to 839.5 million Swiss francs (US$504-million), hurt by the economic slowdown and terrorist attacks in the United States, the Financial Post of Canada reported.
Exports declined in 15 of the 30 biggest markets for Swiss timepieces including a 29% drop in the United States and a 45% decline in Italy, the Federation of Swiss Watchmakers said.
Luxury watch and jewelry companies including Switzerland’s Cie Financiere Richemont and Tiffany & Co. of the United States have forecast lower earnings following the attacks, the publication reported. Shares in Swatch, whose brands include Breguet and Tissot, rose 4.8%. Richemont, the maker of Cartier jewelry, gained 4.0%.
Christoph Bohli, an analyst at Bank Sarasin & Cie, said he is waiting for Richemont’s first-half results and Swiss October watch exports for further guidance, the publication reported.