Finance
Luxury, Swiss watchmaker shares take a hit from new U.S. tariffs
Published by Global Banking & Finance Review®
Posted on April 3, 2025
1 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on April 3, 2025
1 min readLast updated: January 24, 2026
US tariffs on EU and Swiss luxury goods impact Swiss watchmakers, with Richemont and Swatch Group shares dropping significantly.
(Reuters) - Shares in European luxury companies dropped on Thursday after U.S. President Donald Trump announced new tariffs, including on goods from the European Union and Switzerland.
The European Union was targeted with a 20% rate, while Switzerland with a 31% rate - both important markets for luxury.
JPMorgan analysts said in a note they expected to see the most pressure on the Swiss watchmakers given high import duties, with both Cartier owner Richemont and Swatch Group already on thin margins.
Richemont was down 4%, Swatch Group shed 4.3% at 0715 GMT.
Jewellery maker Pandora dropped around 13% to its lowest in more than a year on a 36% tariff for Thailand, which JPMorgan said was its sole sourcing country.
Burberry was down 4.3%, Gucci owner Kering around 3%, LVMH slipped 2.9%.
(Reporting by Anna Pruchnicka, editing by Alun John)
The article discusses the impact of new US tariffs on European and Swiss luxury goods, affecting companies like Richemont and Swatch Group.
Swiss watchmakers like Richemont and Swatch Group saw significant share price drops due to high import duties imposed by the US.
Other affected brands include Burberry, Gucci owner Kering, and LVMH, all experiencing share price declines.
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