1111 GMT - The watch sector remains in a very difficult situation, but exports of Swiss timepieces could see a flat positive increase in 2025, Vontobel analyst Jean-Philippe Bertschy says in a note. The Federation of the Swiss Watch Industry said that Swiss watch exports dropped 5.4% in December, resulting in a total value of 2.0 billion Swiss francs. All of the top four export destinations, including China and the U.S., recorded declines. The U.S. market is concentrating all the growth hopes, while China remains very fragile and uncertain, he says. The analyst doesn't expect a strong recovery in China this year. Vontobel maintains a hold rating for both Swiss watchmakers Richemont and Swatch Group. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
January 30, 2025 06:11 ET (11:11 GMT)
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