27 May '16, 10pm

Tough times for luxury watch retailers - The Straits Times

Luxury watch retailers in Singapore are facing dismal times if the financial results unveiled this week by Cortina Holdings and The Hour Glass are anything to go by. Both retailers reported a sharp drop in full-year earnings, owing to the sluggish economic outlook and weak consumer sentiment. Net profit at Cortina Holdings plunged 45 per cent to $8.4 million, compared with $15.2 million a year earlier. The Hour Glass booked a net profit of $52.3 million, down by 10 per cent from the previous year. Experts told The Straits Times the luxury watch market here will stay challenging, given weak demand from local consumers and tourists. Mr Eugene Ho, Deloitte South- east Asia's consumer and industrial products leader, said: "The uncertain economic situation, especially in China, is making mainland tourists more cautious about spending in the luxury watch segment." China's growth...

Full article: http://www.straitstimes.com/business/tough-times-for-luxu...

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