2016 has been a tough year for the luxury industry, especially with timepieces. The luxury houses are trying to curb any further damage with decreasing sales in luxury watched, by raising their prices.
WatchPro has reported that Richemont has raised prices for its luxury watch brands by around 10 per cent in the UK, according to sources.
IWC, Cartier and Vacheron Constantin raised trade prices by roughly 10 per cent, while Panerai and Jaeger LeCoultre adjustments have been a little less.
The trade price for LVMH brand Hublot has increased by a similar 10 per cent to the Richemont brands, as have Patek Philippe and Audemars Piguet prices.
The industry is still holding its breath in expectation of a price rise from Rolex, which has not reacted so far to the considerable price advantage being enjoyed by UK retailers over their overseas peers following the post-Brexit decline in the pound.
Swatch Group prices have not been changed yet, making Omega, Longines and Blancpain timepieces considerably cheaper in the UK this summer.
The weakness in the pound has led to a massive spike in exports for Swiss watches into the UK this summer. In August, alone, sales to the UK were up 23.5 per cent, while exports to the USA were down by 12.4 per cent.
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