U.S. and Switzerland agree to cut tariffs on... – 2025-11-17

Tariff relief for Swiss watch imports to the U.S. and a stronger-than-expected half from Richemont signal improving conditions for hard luxury despite FX and gold headwinds. Brand equity momentum is reinforced by Audemars Piguet’s GPHG win for a technically advanced Royal Oak, while Rolex extends its controlled retail presence in Canada with a flagship Montreal boutique. Together, these moves point to stabilizing demand, selective expansion, and renewed pricing power in high-end watches and jewelry.

Key News for Today

U.S. and Switzerland agree to cut tariffs on Swiss watches from 39% to 15%, easing cost pressure in the top export market for Swiss watchmakers.

Why it matters: Lower tariffs directly reduce cost burdens and pricing pressure for Swiss watch brands selling into the U.S.

Impact: The cut should support margins, stabilize U.S. pricing, and potentially lift shipments after months of uncertainty.

What to follow: Watch the final implementation timing, any price rollbacks by brands, and U.S.-bound Swiss watch export trends.

Richemont delivers 10% constant FX H1 sales growth to 10.62 billion euros, with Q2 double-digit gains across regions led by jewelry and improving watch trends.

Why it matters: Outperformance versus expectations underscores pricing power and resilience in jewelry while watches stabilize.

Impact: Supports a stronger revenue outlook and valuation, with jewelry maisons driving mix and Q2 watch growth easing prior drag.

What to follow: Track holiday demand, Americas growth durability, China trajectory, and tariff cost relief as U.S. rates fall to 15%.

Audemars Piguet wins the GPHG Iconic Watch prize for the Royal Oak Perpetual Calendar featuring a new in-house calibre enabling full calendar adjustments via a single crown.

Why it matters: High-profile recognition and technical advancement reinforce brand desirability and leadership in high complications.

Impact: Enhances pricing power and order books for halo models, though near-term volumes remain limited by production.

What to follow: Monitor production rollout of the new calibre, delivery timelines, and secondary-market premiums for the model.

Rolex opens its first Montreal boutique at Royalmount with partner Raffi Jewellers and an extended exhibition to deepen client engagement.

Why it matters: Expands controlled retail footprint in a growing Canadian luxury hub, improving clienteling and brand experience.

Impact: Adds incremental sales and local brand presence with limited group-level financial effect.

What to follow: Track footfall, appointment conversion, allocation levels versus waitlists, and potential further Canadian expansion.

Daily Analysis – 2025-11-17

Key News for Today

U.S. and Switzerland agree to cut tariffs on Swiss watches from 39% to 15%, easing cost pressure in the top export market for Swiss watchmakers.

Richemont delivers 10% constant FX H1 sales growth to 10.62 billion euros, with Q2 double-digit gains across regions led by jewelry and improving watch trends.

Audemars Piguet wins the GPHG Iconic Watch prize for the Royal Oak Perpetual Calendar featuring a new in-house calibre enabling full calendar adjustments via a single crown.

Rolex opens its first Montreal boutique at Royalmount with partner Raffi Jewellers and an extended exhibition to deepen client engagement.

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