16%: Decline in Swiss watch sales
Exports of high end Swiss watches are considered a good bellwether for the luxury goods sector and the latest data is pretty alarming.
Monthly sales fell by 16% in October, the biggest drop in seven years. ‘Hong Kong continues to be weak (-22%) and the US sequentially declining to -17% (September +5%) maybe due to cautious purchasing ahead of the US elections,‘ says investment bank UBS
Continuing pressure on the luxury space is potentially bad news for the likes of shoemaker Jimmy Choo (CHOO), trench coats-to-cashmere scarves seller Burberry (BRBY) and handbag maker Mulberry (MUL:AIM).
These articles are provided by Shares magazine which is published by AJ Bell Media, a part of AJ Bell. Shares is not written by AJ Bell Youinvest.
Shares is provided for your general information and use and is not a personal recommendation to invest. It is not intended to be relied upon by you in making or not making any investment decisions. The investments referred to in these articles will not be suitable for all investors. If in doubt please seek appropriate independent financial advice.
Investors acting on the information in these articles do so at their own risk and AJ Bell Media and its staff do not accept liability for losses suffered by investors as a result of their investment decisions.