Chinese ensure Swiss watches keep on ticking

It seems the Hong Kong and mainland Chinese watch markets are the prime movers behind keeping the historic Swiss watch industry ticking along - in more ways than one.

Hong Kong leads the way in terms of importing Swiss watches to an individual market - recording turnover of 1.4 million euros in the first eight months of the year, according to figures from the Federation of the Swiss Watch Industry (http://www.fhs.ch) - while China has moved into third behind the USA and France over that time thanks to a rise in imports of 63.3 percent (for a value of 487 million euros).

What's more, though, Swiss watchmakers turn East when they look for the components that make up their timepieces. They may well be "Swiss made'' but US$2.05 billion (1.5 billion euros) worth of watches and related components were imported to Switzerland last year - and 26 percent of those materials came from Hong Kong and China.

"To a great extent Hong Kong and China are what keeps the entire Swiss watch industry ticking, both as retail markets and component suppliers,'' CLSA consumer analyst Aaron Fischer told the South China Morning Post.

To counteract any bad press about the trend - and to ensure the "Swiss made'' legend remains - the Swiss government is considering legislation that will require local content to account for between 60 to 80 percent of the watch's value, including the cost of components, research and design. The law is designed to also protect other iconic Swiss exports such as cheese and chocolate.

The two countries are meanwhile exploring a bilateral free-trade arrangement which will have provisions for attacking the counterfeit "Swiss made'' market in China. The Post report claimed that of one million fake Swiss watches seized globally last year, 600,000 came from China.

And the Chinese are busy establishing a legitimate watch industry of their own - and are looking to the Swiss for a little help. The country's largest watchmaker, China Haidan Holding, has recently turned to an unnamed Swiss company to help with the development of its luxury "CodeX'' brand which it hopes to sell in - you guessed it - a flagship store in the Swiss city of Lucerne.

MS

Life and Style
ebookNow available in paperback
ebooks
ebookA delicious collection of 50 meaty main courses
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Fashion

    Recruitment Genius: Business Analyst - 12 Month FTC - Entry Level

    £23000 - £27000 per annum: Recruitment Genius: A Business Analyst is required ...

    Recruitment Genius: Chefs - All Levels

    £16000 - £23000 per annum: Recruitment Genius: To succeed, you will need to ha...

    Recruitment Genius: Maintenance Engineer

    £8 per hour: Recruitment Genius: This is an opportunity to join an award winni...

    Recruitment Genius: Telesales Executive & Customer Service - Call Centre Jobs!

    £7 - £9 per hour: Recruitment Genius: Are you outgoing? Do you want to work in...

    Day In a Page

    Isis in Syria: Influential tribal leaders hold secret talks with Western powers and Gulf states over possibility of mobilising against militants

    Tribal gathering

    Influential clans in Syria have held secret talks with Western powers and Gulf states over the possibility of mobilising against Isis. But they are determined not to be pitted against each other
    Gaza, a year on from Operation Protective Edge: A growing population and a compromised and depleted aquifer leaves water in scarce supply for Palestinians

    Gaza, a year on from Operation Protective Edge

    A growing population and a compromised and depleted aquifer leaves water in scarce supply for Palestinians
    Dozens of politicians, bureaucrats and businessmen linked to Indian bribery scandal die mysteriously

    Illnesses, car crashes and suicides

    Dozens of politicians, bureaucrats and businessmen linked to Indian bribery scandal die mysteriously
    Srebrenica 20 years after the genocide: Why the survivors need closure

    Bosnia's genocide, 20 years on

    No-one is admitting where the bodies are buried - literally and metaphorically
    How Comic-Con can make or break a movie: From Batman vs Superman to Star Wars: Episode VII

    Power of the geek Gods

    Each year at Comic-Con in San Diego, Hollywood bosses nervously present blockbusters to the hallowed crowd. It can make or break a movie
    What do strawberries and cream have to do with tennis?

    Perfect match

    What do strawberries and cream have to do with tennis?
    10 best trays

    Get carried away with 10 best trays

    Serve with ceremony on a tray chic carrier
    Wimbledon 2015: Team Murray firing on all cylinders for SW19 title assault

    Team Murray firing on all cylinders for title assault

    Coaches Amélie Mauresmo and Jonas Bjorkman aiming to make Scot Wimbledon champion again
    Wimbledon 2015: Nick Bollettieri - Vasek Pospisil must ignore tiredness and tell himself: I'm in the quarter-final, baby!

    Nick Bollettieri's Wimbledon Files

    Vasek Pospisil must ignore tiredness and tell himself: I'm in the quarter-final, baby!
    Ashes 2015: Angus Fraser's top 10 moments from previous series'

    Angus Fraser's top 10 Ashes moments

    He played in five series against Australia and covered more as a newspaper correspondent. From Waugh to Warne and Hick to Headley, here are his highlights
    Greece debt crisis: EU 'family' needs to forgive rather than punish an impoverished state

    EU 'family' needs to forgive rather than punish an impoverished state

    An outbreak of malaria in Greece four years ago helps us understand the crisis, says Robert Fisk
    Gaza, a year on from Operation Protective Edge: The traumatised kibbutz on Israel's front line, still recovering from last summer's war with Hamas

    Gaza, a year on from Operation Protective Edge

    The traumatised kibbutz on Israel's front line, still recovering from last summer's war with Hamas
    How to survive electrical storms: What are the chances of being hit by lightning?

    Heavy weather

    What are the chances of being hit by lightning?
    World Bodypainting Festival 2015: Bizarre and brilliant photos celebrate 'the body as art'

    World Bodypainting Festival 2015

    Bizarre and brilliant photos celebrate 'the body as art'
    alt-j: A private jet, a Mercury Prize and Latitude headliners

    Don't call us nerds

    Craig Mclean meets alt-j - the math-folk act who are flying high