Swatch Group

The double-digit drop in sales seen in the latest results mark a stunning reversal of fortune for an industry that enjoyed an unprecedented sales boom during the pandemic-era.

This week’s global markets round-up of fashion business news also features H&M’s new partner for Brazil, Chinese sportswear giant Anta and Indian sneaker start-up Flatheads.

In luxury watches, revenues are up but volumes are down, creating new winners, losers, opportunities and threats, writes Robin Swithinbank.

An uncertain economy and freefalling resale prices have created a sense of unease in the category, but watch dealers and experts say the best is still ahead.

Top luxury brands delivered strong first half results, propelled by a buoyant US market, a return to European travel and a cheap euro, but risks remain, writes Pierre Mallevays.

Companies are also continuing to pledge humanitarian aid, while the LVMH Prize said it will offer support to its three former semi-finalists from Ukraine Friday.

As sanctions take their toll, Russia’s wealthy are turning to luxury jewellery and watches in a bid to preserve the value of their savings.

This month’s Market Pulse breaks down the players, motivations and deal structures behind the uptick in corporate activity.

The sector is keen to put the events of 2020 behind it, but the gargantuan task of vaccinating the world — combined with concerns about new Covid variants — has poured cold water over investor sentiment.

The Swiss watchmaker reported a net loss of $327 million in the first half of 2020 and saw sales drop 46.1 percent.