The Federation of the Swiss Watch Industry recently reported that Swiss watch exports in May fell by 2.2% YoY to 2.3 billion Swiss francs ($2.6 billion), with exports to China plummeting by 18%. In addition to rising interest rates and unstable economic growth, the continued strengthening of the Swiss franc has also impacted Swiss watchmakers. Swiss watch exports for the first five months of this year fell by 2.5% to 10 billion Swiss francs ($11.2 billion). Citi analyst Thomas Chauvet stated in a report that these figures could affect growth forecasts for Richemont, the parent company of Cartier, and Swatch Group, the parent company of Longines. The analyst added that due to these two groups’ high dependence on Chinese consumers, their performance is at risk of decline.