Apple Inc. (AAPL) Watch Blamed as Swiss Exports Crack
Apple Inc. (NASDAQ:AAPL) Watch may be blamed for a massive quarterly drop in Swiss watch exports. The Federation of the Swiss Watch Industry, said that a “marked decline” in September exports led to a drop of 8.5% for the full-quarter, says a report from Reuters.
With this decline, the Swiss watch exports witnessed their biggest drop since 2009. Sales dropped sharply in all “robust Asian markets,” such as Hong Kong, China, Singapore, Taiwan and South Korea. In Asia, Swiss watch sales were down by 12.7%.
“This negative change has spread to other, hitherto more robust Asian markets, and casts something of a shadow over prospects for the year 2015,” the Federation said.
The Federation noted that the drop was evident across all the price segments, but the major impact was seen in the $200-$500 range, where the sales dropped by 14.5%, raising concerns that Apple Watch “could finally be taking a bite out of the Swiss industry’s stake,” Reuters say....MORE