The Swiss luxury watch industry has had a devastating year – While Rolex was unaffected the Swatch group posted its first loss since 1983
US President Joe Biden wears a Rolex Datejust as he delivers his inaugural address on the West Front of the US Capitol on January 20, 2021. Photo: Getty Images
Joe Biden chose to wear a classy US$7,000 stainless steel Rolex Datejust when he was sworn in as US president on January 20, giving the upmarket Swiss watch brand a fillip after a diabolical year for luxury watches. Unlike a number of his predecessors who chose to wear utilitarian brands as men of the people ? both Bill Clinton and George Bush wore Timex watches ? Biden chose to have his wrist clasped by a statement of Swiss luxury.
After years of success, Switzerland?s luxury watch industry was hit hard by the Covid-19 pandemic and the subsequent economic crunch, and only the best-placed brands remained largely undamaged.
Within days of the US president?s inauguration, another, less fortunate Swiss watchmaker posted its first loss since 1983. The Swatch Group, owner of high-end brands including Blancpain, Breguet, Harry Winston and Omega, as well as fashion watches including Swatch and Calvin Klein, was slammed by the Covid-19 pandemic and the subsequent economic nosedive.
One of the big three watchmaker groups in Switzerland, along with LVMH and Richemont, the Swatch Group posted an annual loss of 53 million Swiss francs (US$59 million) in January after closing 384 stores worldwide.
Many Swiss watchmakers faced an existential threat in 2020 during the violent economic cyclone of the pandemic, which crushed ...
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