Shares in Swiss watch makers declined on Tuesday after another poor export showing in July, though a weaker pound helped boost sales in the U.K.
Swatch (SWGAY) whose high-end brands include Harry Winston, Omega, Breguet and Jaquet Droz, was down 0.74% in Zurich at 266.90 Swiss francs ($277.89), giving it a market capitalization of around Sfr 14.9 billion.
And shares in Richemont (CFRUY) which makes Cartier, Montblanc, Baume & Mercier and Piaget watches, slid 0.51% to Sfr 59.10.
Earlier in the day the Federation of the Swiss Watch Industry had released its July export report card showing the 13th straight monthly decline, with total shipments down by 14.2% from a year earlier to Sfr 1.6 billion.
Precious metal watches posted their firth consecutive drop of steeply falling sales, and sales of timepieces at both ends of the range — below Sfr200 and above Sfr3,000 — were down by 16% in value terms.
Shipments to the U.S. dropped by 14.7% to Sfr 178.5 million, while exports to Hong Kong were down by 32.7% at Sfr 174.8 million. Both rang among the biggest markets for Swiss watch exports.
In Europe, the U.K. and Italy fared much better than their peers, especially as international shoppers in Britain took advantage of a weaker currency following the June 23 referendum to leave the 28-nation European Union.
Watch shipments to the U.K. rose by 13.4% in July to Sfr110.2 million, while shipments to Italy rose increased by 9.9% to Sfr123.4 million.