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Luxury watches are popular in the United Kingdom despite the health crisis. Demand was driven by local customers in the regions.
Indeed, many professionals in the watch industry have not experienced a drop in sales following the coronavirus pandemic.
However, demand for luxury watches was felt in the United Kingdom and the United States.
This is the case for Watches of Switzerland, for example, whose CEO Brian Duffy welcomed in a recent press release that sales “exceeded our expectations in the United Kingdom and the United States“, despite a decline in its figures in the first quarter of the group’s postponed fiscal year due to the lock down that led to the closure of stores.
It should be noted that in the United Kingdom, particularly in the regions, demand was driven by local customers.
The London stores experienced a decline in foreign tourism.
At the same time, online sales jumped at the British distributor of the brands Omega, Rolex, Tag Heuer, Breitling, among others, whose prices easily reached several thousand pounds.
Luxury watches are a thoughtful purchase
It must be said that luxury watches involve less window-shopping in stores. This is why they are considered a thoughtful purchase.
“We are convinced that we are well positioned to emerge from these difficult and uncertain times even stronger,” concludes Brian Duffy.
Furthermore, the Watches of Switzerland Group Director anticipates that demand in the UK and the USA will remain “strong” for the rest of the year, despite the limitations in air traffic and tourism, which should improve over time if further lock down is not introduced.
In addition, the British chain stated that it has maintained its workforce and salaries unchanged.
On the other hand, the Swiss company Bucherer, which specializes in the sale of luxury watches, was hit hard by the Covid-19 pandemic.
It will have to cut 370 jobs soon, or 15% of its workforce after a collapse in sales, highlighted by the absence of Chinese tourists.
SWISS WATCH INDUSTRY FACING WORST EVER CRISIS, ACCORDING TO CEO OF HUBLOT
Featured photo : © Watches of Switzerland[/vc_column_text][/vc_column][/vc_row]
