World Economy

Swiss Watches Take a Licking

Swiss Watches Take a LickingSwiss Watches Take a Licking

Last year wasn’t great for Switzerland’s luxury watchmakers, and 2016 isn’t looking any better. At an invitation-only Geneva trade show in January attended by 24 of the world’s most expensive watch brands, the consensus was that Hong Kong’s luxury slump, a rocky Chinese economy, and the November terrorist attacks in Paris—as well as competition from the Apple Watch—will hurt sales this year, Bloomberg reported. “We expect 2016 to be a very, very difficult year,” Vincent Perriard, chief executive officer of luxury watchmaker HYT, said at the trade show, officially called the Salon International de la Haute Horlogerie.