According to the world’s largest watch company, Swatch Group, and luxury watch retailer, Watches of Switzerland, the market for new high-end luxury watches remains strong and poised for growth, despite a decline in the selling space for pre-owned timepieces.
Second-hand luxury watch market declining
Swatch Group reported a 36% increase in operating profit and an 18% rise in net sales in the first half of the year, while Watches of Switzerland saw a 19% jump in revenue and a 24% climb in adjusted EBITDA for the fiscal year.
However, the pre-owned watch selling areas has softened more than the demand for new watches, with the secondhand market experiencing a decline in prices, attributed to various factors including stock market performance and rising interest rates.
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