In the context of relatively weak economic growth in Greater China, Franck Muller luxury watch China’s exclusive distributor Sincere Watch saw a decline in profits.
According to the 21st meter bank, as of March 31 this year, its net profit fell 14.7% year-on-year, or 15.3 million US dollars (about 93.93 million yuan). The watch bank’s shares have fallen by 6% in the past 12 months. According to the latest fiscal year statistics, its revenue was HK $ 740 million (about RMB 585 million), a drop of nearly a third.
However, considering the following factors, the watch bank’s revenue is expected to increase next year. First, China’s import tax on Swiss watches is expected to be cut. Second, the watch company is cooperating with Chow Tai Fook Group, a well-known Hong Kong jewelry retailer, to open more and more points of sale.
Xi Xianshi said that although the prospects for faster economic development in Greater China are not optimistic, ‘Asia should continue to drive the development of the global luxury retail industry.’