After three years of turbulence, Swiss watchmakers are searching for signs that the worst is over. Wars, tariffs, a soaring gold price, the strong Swiss franc and weaker luxury demand have all taken their toll. Now, export values have stabilised and volumes are rising again. But recovery is an increasingly difficult concept to apply to the Swiss watch industry as a whole. While some manufacturers are cutting production and relying on state support to protect jobs, makers at the very top of the market are struggling to keep up with demand. A tiny fraction of watches now accounts for most of the industry’s growth. “This year has presented a lot of challenges and there is a lot of uncertainty in the industry,” says Yves Bugmann, president of the Federation of the Swiss Watch Industry (FH). “I hope that the situation will improve over the next few months.” In the first half of the year, Swiss watch exports were worth CHF12.2bn ($15.1bn), down 0.6 per cent year-on-year. But the headline ...
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High-end boom masks Swiss watch industry polarisation
Published on September 8, 2026
Permanent link to this article: https://snbchf.com/2026/09/boom-masks-swiss-watch-industry-polarisation/
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