Is Switzerland a “business city?
And Oliver Müller of LuxeConsult, a watchmaking consultancy that collaborates with Morgan Stanley on industry reports, said luxury watch brands were what he called the preeminent “image purveyor” of the world. Switzerland, with their aura of exclusivity and their know-how superior to their real contribution to the economy.
In numbers alone, that doesn’t sound like much: Watches provide around 2.5% of Switzerland’s gross domestic product and around 9% of its exports, Müller said. But there is more behind the statistics, several experts noted, including a 95% global market share of watches retailing over $ 1,200, according to Müller.
Several Swiss institutions, including a unit within the Federal Office of Foreign Affairs, are responsible for helping to promote and protect Switzerland’s image of superior watchmaking. Over the years, one of the most important has been the Federation of the Swiss Watch Industry, a trade association that represents the industry in relations with government and the public.
“The Swiss watch is a true ambassador of Switzerland and its values: quality, reliability, high training, qualified people”, wrote Jean-Daniel Pasche, president of the federation, in an e-mail. “When we think of Switzerland, we think of its watches and when we think of watches, we think of Switzerland. They are interrelated.
To protect the country’s image from a legal standpoint, Switzerland has continued to strengthen its “Swissness” law, passed for the first time in 1971. Since 2017, a Swiss watch must have movements, cases, controls. Swiss final products and at least 60 percent of the manufacturing costs incurred. in Switzerland to call itself “Swiss Made”.