Latest statistics for the branch, together with annual results for Swatch Group and Richemont's nine-month figures, leave no doubt. The Swiss watch industry is cooling off. Records are still being set, but the mood is more subdued.

The year 2014 came to a close in a more difficult context for the Swiss watch industry, however exports by the sector continued to grow. The annual result recorded a total value of 22.2 billion francs, corresponding to an increase of 1.9% compared to 2013. As in 2013, which recorded exactly the same rate of growth, 2014 will have been a year of consolidation at a high level. Mention must be made however of the negative trend observed in November and December, linked to the autumn events in Hong Kong and the decline of the Chinese market.