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Several companies jurassiennes want to introduce partial unemployment because of the crisis.
According to information from the RSR, several companies want to introduce jurassiennes partial unemployment because of the financial crisis. In recent days, the cantonal administration receives numerous requests to this effect. Twenty companies, mainly active in watchmaking, have filed such a request. The unemployment could be introduced as early as December or early January. This measure, designed to avoid layoffs, could reach between 200 and 300. The companies involved expect a sharp drop in orders soon.
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Autumn morning in the Joux Valley. Under a sky down, brand new buildings and cranes stand around watch manufactures, symbols of the wild expansion of this industry. And a golden period over? If this work continues, the institutes forecast promise the end of double-digit growth. End of euphoria.
Atmosphere subdued found on the output of factories. "Are we sent the slowdown? Here, there is always as much work. It is even in overtime, "responds a watchmaker, in a restaurant attablé Path. Even before the speech manufacture Frédéric Piguet: "Everything goes well, sees no difference." The purpose was more mixed at Jaeger-LeCoultre. According sectors, some work during the holidays, others admit some concern. "Everyone panicked a bit. One wonders. They tell us to stop overtime, to ration the work. But this is not dramatic, "says an employee. Watch and recalled that the post-11 September was successful.
2008 a good year
But as several brands, Jaeger-LeCoultre does not comment on the business. But the rumors about the difficulties of others. "But it is often anything," said an employee of a small company. If this is a sign of uncertainty. "The situation worries us, allows syndication of Chen, Jeannine Rainaud. But for the moment, there is nothing catastrophic. "
Indeed, until the next publication of watch exports - which give an image however deferred from reality - the Swiss Watch Federation remains confident. "2008 will be a good year and we believe that 2009 will be positive at lower rates, provides its chairman Jean-Daniel Pasche. Giant sector, the Swatch Group is optimistic, with growth of 6 to 9% this year and in the same order of magnitude in 2009.
But other signs are less favorable felt. Thus, Audemars Piguet is a drop in sales in some markets - USA and Spain in particular - like the Festina group. It says, however, does not currently suffer in the midrange and more concern for the high-end, although many believe that the segment is more preserved. "People are less enthusiastic, it is clear," and notes Vartan Sirmakes, CEO of Franck Muller, redirecting production to the creation rather than quantity.
Corum anticipated
In this sector so sensitive to the economy, it is. "We anticipated taking a cautious approach on production volumes, enabling us to be in line with the capacity of markets," said Antonio Calce, CEO of Corum, who nonetheless table on a stabilization of sales in 2009. "I'll be cautious and adopt a wait and see. I stop including prosecution staff, "says Jean-Claude Schwarz, CEO of Festina Switzerland. Nothing significant for the moment, but unemployment in watchmaking rose slightly in October. While remaining at a very low level.
And what is it for subcontractors? On the one hand, Berney Accuracy, active in the very high end, no sense of slowing down. Others, yes. "At the end of the year, we suffered a big decline, with cancellations of orders", said Sandra Pilet, a member of the leadership of the small company Arola. Remains as it crumbling under the work, "it's a relief, but should not that hard." And it is not the only one to say. "The slight slowdown that we see is almost healthy. But if the trend is increasing, it will be negative ", said Jean-Philippe Dubois, director of Dubois-Dépraz.
Because of horlogerie very high. "The industry will be affected, but it compares with years of excellent," recalls Jean-Daniel Pasche of the Federation Watch. "The cycles watchmakers are not new and each slowdown leads to a further increase," Antonio Calce positive.
Meanwhile, one wonders. What will the impact of slower investment? How long will the crisis? Uncertainty prevails. Before a deadline of size: sales of Christmas.
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At this time of crisis, you feel a slowdown at Audemars Piguet?
Honestly, everybody is very cautious. From our side we feel great reluctance in some countries, a lack of liquidity among our retailers, who are struggling to find loans at banks and a decline in traffic and sales in our stores. The dollar is concerned, Spain is affected since the summer and Asia, it is especially Japan. We are worried about Christmas because of poor sales will be felt next year. What happens during the holidays will be crucial.
How do you see the future?
In 2008, there will be a growth compared to 2007 because we have good anyway nine months behind us. In 2009, it will be, at best, the same level as this year, but below. If stocks continue their yo-yo, with unfavorable exchange rates and a poor Christmas, it will be very difficult. We are therefore cautious in our budgets to keep the black and our investment capacity.
How this will translate it?
We must halt in production compared to the initial roadmap. We also made commitments that we will not do.
This slowdown, in fact, is it not a healthy return?
It is normal that there is a slowdown, but now I think it's harder. However try to be optimistic in thinking that it is the right time to stabilize and improve our effectiveness. (lg)
In the auctions, to back up speculation
By relying not only to exports, it is very difficult to get a picture of the impact of the economic crisis on the watchmaking industry. For the simple reason that there are several months lag between orders, exports and finally retail sales.
This gap does not exist in the field of watch auctions. The latter feels he already effects of the economic crisis? "It's a little early to tell," says William Rohr, CEO of Antiquorum in Geneva. It could still expect a slight decline in speculative activity. She usually watches contemporary who are very difficult for retailers and whose scarcity can mean to those who have acquired a profit. "However, the exceptional pieces should not suffer any decline in demand" The market is redefining and we see buyers increasingly informed and looking objects really rare. We try to settle in selecting our offer. For example, in our next sale, we will propose a collection of enameled pocket watches that belonged to the last emperor of China. They are estimated at 1.6 million francs. And we are confident they will find takers. Is a great collector or a museum. "
At Patrizzi and Co, we see the same enthusiasm unchanged for rare objects and parts of collectors. "The first is unique, but not necessarily unaffordable," says Ita McCobb. The second are the values, with brands that do not lose their appeal, such as Patek Philippe, Breguet, Rolex, Panerai and even more Omega. "According to the specialist, these brands would play the role of values refuge, an investment in the medium or long term. "We buy them with the eventual goal of selling them in 3 or 5 years, resumed the specialist. The crisis will be more then perhaps a memory. "
