Thursday, March 27, 2014

Wouldn't give the time of day

The Swiss, pace Mencken, know what they want, and deserve to get it...good and hard;
A Swiss vote earlier this year to tighten immigration could damage the country's watch industry, potentially limiting the number of skilled employees companies such as Swatch Group AG ... and Rolex SA are able to recruit, industry executives say.
...."Without border-crossing workers and without foreign workers in general, we will really have trouble," said Jacques Duchêne, a director of closely-held Rolex and one of the organizers of the Baselworld Exhibition, which opens today. that Swiss natives won't do? Well, maybe demand will decline;
Concerns over the industry's ability to hire come as watchmakers wrestle with sluggishness in their biggest market: China. China and Hong Kong buy a combined quarter of the industry's output, but exports declined last year amid a Beijing crackdown on lavish gift-giving.
The Ukraine crisis could also weigh on the industry as fewer Russians travel abroad.
"The Russians are big buyers of luxury watches, but they aren't traveling at the moment," said Ricardo Guadalupe, chief executive of the swanky Hublot brand. "At our boutique in Munich, for example, there are always a few Russians, but in March there's been zero."

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