Breitling CEO Georges Kern, Bulgari CEO Jean-Christophe Babin, Ulysse Nardin and Girard Perregaux CEO Patrick Pruniaux
The luxury watch industry is not out of the woods just yet, executives said at the Geneva Watch Days fair ending this week. The current downturn could last at least another year if not more, many of them predicted.
Breitling and LVMH’s Zenith and Hublot have reduced staff working hours to part-time in response to lowered production on decreased demand, and to avoid building up stock, executives said. “We have a drop in volume but we also have an increase in the average price of watches which has gone from 4,200 Swiss francs to 7,200 Swiss francs,” pointed out Breitling CEO Georges Kern. And he is not alone in having cut production.
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