Swiss watch exports plummet

Bloomberg:

“The data would suggest prudence about Swatch,” wrote Luca Solca, an analyst at Exane BNP Paribas in a note to investors. The watchmaker will find it harder to fight inventory build-up due to the difficult wholesale watch market and a significant number of new models the watchmaker is introducing, Solca said.

More importantly:

Competition from Apple Inc.’s smartwatch has also weighed on low-end brands of timepieces. Fossil Group Inc., a U.S. watchmaker, saw its stock slump 37 percent Nov. 13 after saying fourth-quarter sales may decline as much as 16 percent amid competition with wearable technology.

My 2 cents: It’s only going to get worse. The watch industry is making a long, slow, left turn. There’s no putting this particular toothpaste back in the tube.

[Via Daring Fireball]