"Free" Swiss Franc Hurts HK Luxury Watch Industry

Jewelry
08/05/2015 21:51

HK luxury watch retailers are said to be cutting prices after sales plunged by at least 40 percent in the first three months of this year. The drop, caused largely by customers abandoning Hong Kong for the cheaper eurozone, thanks to a euro no longer held high by the Swiss franc, left retailers in the former British colony with unsold stocks that reached an "incalculably high level" of six to 10 months for some brands.