The president of the luxury goods group Richemont, Johann Rupert, confidently commented on Wednesday that there would be a negotiating solution for Switzerland regarding the US tariffs. The company sees itself “well positioned” in the long term.
“I am in contact with the Swiss government and the negotiator: inside in the United States,” said Rupert at the annual general meeting in Geneva. He was “confident that we will find a solution”.
In August, the US government increased the tariffs on Swiss watches to 39 percent; Previously, 31 percent had been announced in April. Federal President and finance minister Karin Keller-Sutter and Minister of Economics Guy Parmelin then traveled to Washington, but could not influence the US position.
Parmelin traveled to the US capital again last week to meet Minister Howard Lutnick and Scott Bessent as well as the sales representative Jamieson Greer. He spoke of “constructive conversations”, but did not give any details.
The 39 percent tariffs represent a difficult blow for the Swiss watch industry. In order to be able to use the “Made in Switzerland” label, the watches in Switzerland have to be produced. This label is considered a symbol of the Swiss watchmaker tradition.
In view of the continuing uncertainty about the tariffs, “no six -month or even three -month forecast can be made”, Rupert emphasized at the general meeting.
“But we will do it,” confirmed the South African billionaire, who founded Richemont in 1988. The group has already mastered other difficult phases such as the Covid 19 pandemic or the shock of the Ukraine War and was “well positioned” in the long term.
In the different financial year 2024/2025, the Cartier mother group increased its turnover by four percent to almost 21.4 billion euros. The jewelry division was able to compensate for the decline in the demand for watches in China.
High -quality jewelry is more resistant to economic fluctuations than other luxury goods because it is aimed at a very wealthy clientele.
This article was used with digital tools translated.
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