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Luxury watch boom over: Richemont chair

At the annual shareholders’ meeting held this month, Johann Rupert, Chairman of Richemont, stated that the peak period for global watch demand has passed. He emphasized that the luxury watch industry should not focus solely on sales volume but must carefully manage production levels. Rupert specifically noted that sales performance in mainland China and Hong Kong has been sluggish. Additionally, the Swiss watch industry has seen a decline in export volumes this year due to the global consumption slowdown post-pandemic and the high exchange rate of the Swiss franc.

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