Swiss watch federation reports enormous drop in exports to China as official crackdown on bribery makes it worst year for industry since 2009Sales of luxury Swiss watches dropped by 10% last year following a crackdown on corruption in China.
The Federation of the Swiss Watch Industry said 2016 watch exports fell by more than 2bn Swiss francs (£1.6bn) to SFr19.4bn as the Chinese bought far fewer luxury watches,which have been used to grease the wheels of politics and commerce in the world’s moment-largest economy. It was the worst year for the Swiss watch industry since 2009, when sales declined by 22% due to the global financial crisis. Continue reading...
Source: theguardian.com