October Shows Slight Signs of Recovery for Swiss Watch Industry

The demand for Swiss watches slighty increased in October

The pace of decline for Swiss watch exports slowed in October while demand slightly rose, according to a report released Thursday by the Federation of the Swiss Watch Industry.

Swiss watch exports declined 23 percent in October, compared to 26 percent in September. However, the value of sales rose to $1.3 billion, compared to $1.1 billion in the pervious month.

Recent reports by two prominent Swiss luxury retailers, Richemont and LVMH, have both expressed expectations of better Christmas sales. The watch industry has seen exports drop 25.5 percent so far this year.

The vote of confidence by Richemont, whose brands include Cartier and Van Cleef & Arpels, came in part after their sales in Asia rose 11 percent during the month of October.