Hong Kong luxury watch retailers report negative financial results
One of the world’s most important market for luxury watches, Hong Kong, is feeling the effects of the slow down in demand by Chinese travellers. Three major luxury watch retailers report stocks piling up and a direct hit on profits. Oriental Watch Company (listed in Hong Kong) warned of a profit decrease, the full year to 31st March 2013. The same negative picture is the case at Emperor Watch and Jewellery, which reports a very high inventory, compared to a gradually slowing demand.