Apple Watch hits Swiss watch industry hard, suffers biggest slump in six years
Jony Ive’s year-ago prediction that the Swiss watch industry would be in trouble once the Apple Watch launched appears to have been correct (his actual language was said to have been stronger). Bloomberg reports that Swiss watch exports suffered their biggest slump in six years.
Shipments declined 12 percent to 2 billion Swiss francs ($2 billion), the Swiss customs office said in a statement Thursday. Adjusted for fewer working days, the drop was 7.6 percent. Exports to the U.S. dropped 12 percent.
“2015 has been one to forget for the watchmakers,” said Jon Cox, an analyst at Kepler Cheuvreux in Zurich.
The figures show that both higher- and lower-end brands are being hit hard, especially in the world’s biggest market for Swiss watches, Hong Kong … Expand