Home News Covid-19

Time stands still as Rolex shuts all plants, prepares for worst year ever

Bloomberg
Bloomberg3/19/2020 07:35 PM GMT+08  • 3 min read
Time stands still as Rolex shuts all plants, prepares for worst year ever
The crisis has already taken its toll on smaller watchmakers. RJ Watches SA, an independent Swiss watchmaker known for timepieces featuring characters like Pac-Man, filed for bankruptcy last month.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

(Mar 19): The Swiss watch industry has survived lickings before, but Rolex, Omega and Cartier now face a combination of economic punches putting them back on their heels.

The industry was just adapting to the downturn from political protests in its largest market, Hong Kong, when the coronavirus outbreak hit. Now China’s economic slowdown threatens to engulf the rest of the world. Meanwhile, the strong Swiss franc, surging gold prices, and store closures are set to saddle companies like Swatch Group AG and Richemont with higher costs.

Rolex shut down all its plants in Switzerland for at least 10 days starting Tuesday. Richemont has been offering price cuts of as much as 49% for second-hand Cartier timepieces in a one-week special offer on its vintage resale site, Watchfinder. Watch fairs in Basel and Geneva have been cancelled. Swatch has prepared a special-edition Omega for the 2020 Tokyo Summer Olympics, which many believe will be cancelled.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now