Is Slowing Demand For Watches In Asia Finally Causing Job Cuts At Swiss Manufactures?
While the?luxury watch fair Watches & Wonders is running at full throttle in Hong Kong, one needs to take a step back to understand how markets in China and other places around the world are affecting the watch market and causing it to adapt and evolve. Even in Hong Kong, strong?pro-democracy protests have been under way, in what some refer to as "the worst unrest since the territory's 1997 handover from Britain," according to Reuters. At the same time, news released from TAG?Heuer (the largest watch company in the LVMH luxury conglomerate) announced earlier this week it is cutting jobs in its watch manufacturing facilities. We believe that this news is strongly linked to the?slowing demand from?the "Asian watch capital," and China overall.According to official Swiss statistics, Hong Kong alone accounted for?nearly 20% of all Swiss watch exports in value, more than the USA and Germany combined �C and with that in mind, it is easy to see why this has been urging TAG Heuer to undertak

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