The emerging markets miracle will not be enough to prevent 2008 from being the year the Swiss watchmaking industry will suffer its first significant slowdown in half a decade. And 2009 is not looking any better.
Luxury goods group Richemont said it was well positioned to cope with the economic downturn as the rich still spent lavishly, but a softening in the United States weighed on its stock. By 0826 GMT (9:26 a.m.
Richemont, the world's second-biggest luxury goods group, said Wednesday April 23th its sales had risen by 16 percent to 5.301 billion euros (8.471 billion dollars) in the financial year which ended March 31.