Swiss Franc soared yesterday - expect to see Swiss watch prices

[WWII70]

http://www.bloomberg.com/news/2015-0...tml?cmpid=yhoo

Swiss central bank allowed its Franc to 'float' instead of being pegged to the Euro.

[Seriously]

All but a fraction of Swiss watches are exported, almost a third to the euro zone, Biver said in an interview

Swatch Group AG Chief Executive Officer Nick Hayek said the SNB has set off a “tsunami.”

“When one third of your business is hit by a weak currency, you have to either increase prices, or you have to reduce your margins,” he said. However, Biver said he can’t raise prices by 10 percent or 15 percent. “I’m shocked, it was unexpected.”

The one consolation watchmakers have is they’re entering this crisis with bigger cash piles than ever before. Richemont’s net cash position increased to a record 4.9 billion euros ($5.7 billion).

Awww, I feel their pain , must be tough.

[Little Big Feather]

And I no longer buy watches.....My collection is complete....
I'm now collecting Ferrari's....

[geoffbot]

German watches it is then!

[WWII70]

True, the Euro went down in response

German watches it is then!

[Chase]

Not sure I wouldn't feel as confident as he. When my nest egg is down to 4.9 billion euros is right when I start getting nervous about things!

[MarkO]

Today the $ is 15% lower against the CHF compared to before the announcement yesterday. If the Swiss companies quote prices in CHF I don't see how they can easily say they will charge less in $ unless they quote a lower CHF price.

[WWII70]

I'll swing by the Omega boutique today and hear what they are saying.

Not sure I wouldn't feel as confident as he. When my nest egg is down to 4.9 billion euros is right when I start getting nervous about things!

[Mew88]

I would expect a price hike soon but a 15% spike in prices would be hard to digest.

[boatme99]

And I no longer buy watches.....My collection is complete....
I'm now collecting Ferrari's....

I hope you mean used Ferrari's, and not the new Fiat's.