Andy Hoffman

The watch models that gained in value continue to trade well above their retail prices, although they are extremely difficult to buy new as demand outstrips supply.

(Bloomberg) -- Reeling from a drop in demand after the unprecedented pandemic-era boom, Swiss watchmakers are now bracing for a new shock: retailers slashing prices to unload a glut of stock.

Monthly Swiss watch exports suffered their biggest decline since 2020 as demand for premium and luxury timepieces in key markets including China and Hong Kong plunged.

Greubel Forsey, whose impossible-to-get timepieces could cost a million Swiss francs, is trying to get onto more wrists.

A rare Rolex with a split-second chronograph sold for €3.3 million ($3.5 million) at auction in Monaco, a record price for the model.

The Rolex 4113, produced in 1942 and one of just 12 ever made and nine known to exist, was sold on Saturday at the Monaco Legend Group auction.

Philip Morris International Inc. raised its full-year outlook after strong sales of its heated tobacco and nicotine pouch products.

Pernod Ricard SA said quarterly sales were flat as weak demand in the US and China markets for its pricey booze continued.

But Jameson ownerexpects sales to improve in the fourth quarter