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Watches Exports To Russia Have Been Halted By Swatch Group

Swatch Group Watches

The suspension of Swatch Group exports to Russia, particularly watches, is “significant” due to the perceived interest of the Russian elite to invest in high-value assets following the continued fall of the Russian ruble.

 

Swatch Group Watches

Swiss manufacturer Swatch Group, currently worth around $13 billion, has stopped selling its watches to Russia, joining other global companies such as Exxon, BP, Shell, Adidas, Apple and IKEA announced their withdrawal from Russia. his war in Ukraine.
“Swatch Group is closely monitoring and analyzing the situation. We have currently suspended exports to Russia,” WATCHPRO, a joint publication of Arabian Business, told WATCHPRO after ITP Media Group reached out to major luxury watch companies to respond to the Russian-Ukrainian crisis.
The Swatch Group, which includes three of Switzerland’s biggest brands, Omega, Longines and Tissot, as well as historic brands such as Blancpain and Breguet, has clearly declared its position on the conflict between Russia and Ukraine .
WATCHPRO reports that the suspension of exports to Russia, particularly watches, is “significant” due to the perceived interest of the Russian elite to invest in high-value assets following the continued fall of the Russian ruble.
“Swatch Group Russia, a 100% subsidiary of Swatch Group, continues its activities, as well as its activities serving Russian consumers,” the company explained. The ruble fell to an all-time low last week, depreciating up to 10% against the dollar, and for the first time in Moscow the ruble traded above 110 to the dollar. Bulgarian CEO Jean-Christophe Babin (below) told Bloomberg that there is evidence of increased sales in Russia, adding that it may be more difficult to supply Russian boutiques because international payments are subject to penalties.

Jean-Christophe Babin, CEO of Bulgari.

Jean-Christophe Babin, CEO of Bulgari.

Russian markets remain under pressure after the United States and its allies decided to block the Bank of Russia’s access to foreign exchange reserves and disconnect some creditors from the SWIFT messaging system for global banking transactions. Meanwhile, oil, energy, metal and grain prices have soared as Russia shuns oil and other resources. The London Stock Exchange Group Plc, which is the main stock exchange in the UK, has confirmed that trading in global deposit certificates (GDRs) of several Russian companies, including Rosneft, Sberbank, Gazprom, En+ and Lukoil, has been suspended.

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