Europe Branded Consumer Goods: Luxury Goods: Watches round-up: June 2026: Swiss Watch Exports +11% y/y; latest industry news wrap

Research evidence excerpt

Europe Branded Consumer Goods: Luxury Goods: Watches round-up: June 2026: Swiss Watch Exports +11% y/y; latest industry news wrap

Equity Research

21 July 2026 | 9:56AM CEST

Europe Branded Consumer Goods: Luxury Goods: Watches round-up

June 2026: Swiss Watch Exports +11% y/y; latest industry news wrap

In June, Swiss watch exports increased by 11.2% YoY (post +0.4% YoY in May) vs. Adrien Duverger

+33(1)4212-1929 |

-5.6% in June 2025. In absolute terms, Swiss watch exports were CHF 2.4bn (vs. CHF adrien.duverger@gs.com

Goldman Sachs Bank Europe SE - Paris

2.15n in June 2025). Branch

Pedro Anton

GS View: The key takeaways from the May release remain the continued volatility in +44(20)7552-2220 |

pedro.anton@gs.com

import numbers for Mainland China and Hong Kong, and for the US, although Goldman Sachs International

induced by tariffs. We note exports to Mainland China decreased -17% in June and

overall by -9% in Q2, following -1% in Q1, while HK was positive at +7% in June and

overall at +8% in Q2, following -1% in Q1. The positive numbers in Hong Kong reflect

increased tourism and shopping offshore from Chinese consumers, while numbers in

Mainland China continue to show weakness although we note a sequential

improvement on a 1 and 2y stack. Overall, YTD exports to Mainland China stand at

-5% while HK is up +3%, which we look at in the context of more recent luxury peer

commentary around continued stabilization in Mainland China with an improvement

in offshore spending. Consistent with this, Richemont, which reported on July 15,

commented on the return to growth of the Chinese cluster driven by offshore

spending in the region and Swatch reported +9% cFX growth in Greater China for

1H26 post negative performance in FY25 and as management had commented on a