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Luxury watchmakers Bulgari and Breitling, along with a handful of Swiss brands, are meeting in Geneva this week to revitalize demand via an industry exhibition.
According to Bulgari boss Jean-Christophe Babin, it is important for them to physically meet their customers and is hoping the event will help them gain market share.
The gathering will be the first of the “Geneva Watch Days,” which would be spread over several luxury hotels instead of using a big exhibition center.
Babin added that the new format along with strict hygiene rules would help to prevent infection.
Expected to attend are 60 retailers and 100 journalists, bloggers, and influencers.
Demand for luxury watches collapsed during the pandemic as the Chinese, the industry’s biggest customers, were unable to travel or shop.
Swiss watch exports plummeted by 68 percent in May, but the downturn slowed in June and July as the Chinese started shopping again.
Babin noted that while demand in South Korea and China had rebounded, it is not enough to make up for declines in America and Europe.
H.Moser & Cie chief executive Edouard Meylan said he was worried about their crucial suppliers for cases, dials, and straps as some could go out of business because big brands cut their orders.
Babin said Bulgari might acquire strategic suppliers, notably in jewelry, if necessary.
