×
76 751
Fashion Jobs
COTY
Director, Information Security
Permanent · New York
TIFFANY & CO
Branch Security Officer-San Jose
Permanent · Santa Clara
TIFFANY & CO
Branch Security Officer - dc City Center
Permanent · Washington
ESTÉE LAUDER
Keyholder - Cosmetic Company Store - 20 Hrs - Tanger Outlet Center - Deer Park,NY
Permanent · Deer Park
ESTÉE LAUDER
Area Manager- Keystone Day Shift
Permanent · Bristol
ESTÉE LAUDER
Keyholder - LA Mer - 20 Hrs. - Sugarloaf - Lawrenceville, GA
Permanent · Lawrenceville
NEIMAN MARCUS
Senior Manager, Retail Performance & Store Operations - Atlanta
Permanent · Atlanta
UNDER ARMOUR
Stock Keyholder, FT
Permanent · MEBANE
MICHAEL KORS
FT Sales Supervisor
Permanent · Wayne
THE REALREAL
Logistics Specialist
Permanent · New York
VF CORPORATION
The North Face: Senior Ecommerce Planner (Americas)
Permanent · Denver
MACY'S
Asset Protection Detective, West Covina - Full Time
Permanent · West Covina
MACY'S
Retail Fulfillment Associate, Modesto Vintage Fair - Full Time
Permanent · Modesto
MACY'S
Manager, Asset Protection
Permanent · Paramus
MACY'S
Asset Protection Detective, Mall Del Norte - Full Time
Permanent · Laredo
MACY'S
Asset Protection Security Guard, San Francisco Union Square - Full Time
Permanent · San Francisco
MACY'S
Asset Protection Detective, Roosevelt Field - Full Time
Permanent · Garden City
MACY'S
Retail Fulfillment Associate, Metro North Mall - Full Time
Permanent · Kansas City
MACY'S
Retail Fulfillment Associate, Mall of Louisiana - Full Time
Permanent · Baton Rouge
MACY'S
Asset Protection Detective, Boston - Flex
Permanent · Boston
LULULEMON
Visual Merchandising Specialist | Melrose
Permanent · West Hollywood
LULULEMON
Community Specialist | The Shoppes at Eastchase
Permanent · Montgomery
By
AFP
Translated by
Nicola Mira
Published
Mar 5, 2022
Reading time
2 minutes
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Swiss watch-maker Swatch Group suspends exports to Russia

By
AFP
Translated by
Nicola Mira
Published
Mar 5, 2022

Swiss watch-maker Swatch Group, owner of Longines, Omega and Tissot, announced on Friday it is halting its exports to Russia, in the wake of the sanctions imposed following the invasion of Ukraine, even though the group’s Russian stores remain open.


The ‘Longines Legend’ diving watch- Swatch Group


“The Swatch Group is monitoring and analysing the situation very closely,” stated the Swiss group in a message to the AFP agency, confirming information published by WatchPro, a specialist watch industry magazine. “For the time being, we have put all our exports to Russia on hold owing to the troubled general situation,” added Swatch.

All of the Swatch Group’s subsidiaries and employees in Russia continue in their activities and “our stores in the country remain open,” added the group, renowned for its colourful plastic watches but also for its extensive portfolio of luxury watch brands, without disclosing its revenue in the country.

Swatch is based in Bienne, where a large part of Switzerland’s watch output comes from, and owns 17 brands, ranging from children's watches Flik Flak to prestige brands such as Breguet and Blancpain, to a fine jewellery brand like US diamond specialist Harry Winston, bought by Swatch in 2013.

According to Jean-Philippe Bertschy, an analyst at Vontobel, Russia accounts for approximately 2% to 3% of the group's sales, and “for less than 5% of [the purchases by] Russian consumers in general.” A significant portion of watch purchases is notably made by consumers during trips abroad.

At 9.43 a.m. GMT on Friday, the Swatch Group’s share price was down by 5.14% to CHF247.30, while the SPI, Switzerland’s broader stock market index, had dropped by 2.32%.

Besides the market’s exposure to Russia, the main issue is understanding what the “lasting economic consequences triggered by this invasion will be,” said Bertschy, acknowledging to AFP that it is currently still “difficult to estimate the negative impact this conflict will have on the luxury sector at large.”

Zurich, March 4 2022 (AFP)

Copyright © 2023 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.