Swiss Luxury Sector Falls Behind China In Global Ranking| MENAFN.COM

Saturday, 28 January 2023 10:20 GMT

Swiss Luxury Sector Falls Behind China In Global Ranking


(MENAFN- Swissinfo) Bling bling: jewellery for sale in Zurich. Keystone / Christian Beutler

In 2021, the booming jewellery trade in China meant that the country overtook Switzerland as the world's leading luxury goods hub.

This content was published on December 1, 2022 - 09:19 December 1, 2022 - 09:19 Keystone-SDA/dos

The“Global Powers of Luxury Goods” report by consultancy firm Deloitte, published on Thursday, said China's share of the luxury market was 30% last year, while Switzerland's was 27%. In the last edition of the report in 2019, Switzerland was still clearly the world's most important location.

The change was largely driven by the Asian country's jewellery market, the report said: while the Swiss watch sector remained the driver of luxury sales in the Alpine nation, Chinese jewellery firms like Chow Tai Fook, Chow Sang Sang and Chow Tai Seng made significant gains.

The study looks at the 100 biggest luxury firms worldwide: eight Swiss businesses are included, including two in the biggest 10 – watch companies Richemont and Rolex. The biggest luxury company globally, by some distance, remains French giant LVMH, which sells everything from fashion to perfume, cosmetics and wine.

Four Swiss firms are also included in the fastest-growing in the sector, Deloitte said: Richard Mille, Breitling, Audemars Piguet, and Rolex.

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