For Giles English, co-founder of aviation-themed watchmaker Bremont, the numbers are impossible to ignore. “The industry has been badly hit,” he says, “but it will certainly recover.” Watch exports plummeted by more than 20 per cent in March compared to last year, according to a report released by the Federation of the Swiss Watch Industry (FHS). Another study by private investment group Bank Vontobel predicts that exports will decline by 25 per cent in 2020, exceeding figures from the legendary quartz crisis of 1975 (down 15.2 per cent) and the more recent 2009 financial crisis (down 22 per cent). But don’t worry, your pocket-sized investments are still safe. That same report predicts that exports will bounce back by about 15 per cent in 2021.
This story is from the August 2020 edition of Tatler Malaysia.
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This story is from the August 2020 edition of Tatler Malaysia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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