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RTÉ News
15 hours ago
- RTÉ News
Swiss army knife maker Victorinox considers production shift to ease US tariffs
Victorinox, the maker of Swiss army knives, is considering moving part of its production to the US to lessen the impact of import tariffs on its business, the company's CEO told German business magazine WirtschaftsWoche. "We are looking into carrying out directly on site individual processing steps at the end of the value chain, such as the final cleaning and packaging of commercial knives," CEO Carl Elsener said in an interview published today. "That would reduce the value of the goods on which we have to pay customs duty by 10% to 15%," he added. Switzerland has been particularly hard hit by Washington's trade policy under President Donald Trump, who earlier this month ratcheted up US tariffs on Swiss imports to 39%. The US is an important market for Swiss machinery, watches and chocolate. Victorinox, which makes commercial knives as well as its well-known pocket knives, generates some 13% of its revenue in the country. Elsener told WirtschaftsWoche the customs duties were coming at an already difficult time. "The strong Swiss franc has put our competitiveness and our margins under considerable pressure," Elsener said. Still, high inventories in the US meant the tariffs would not affect Victorinox until early next year, he added. For now, the firm would wait and see how things develop, he said. Economic uncertainty caused by Trump's trade policies has fueled demand for the safe haven Swiss franc, boosting the currency and making Swiss-made goods dearer abroad.
Extra.ie
2 days ago
- Extra.ie
Watchmaker Swatch pulls 'racist' ad after uproar in China
Swiss watchmaker Swatch has been forced to pull and apologise for an advert that was accused of racism and caused uproar in China. The campaign featured an Asian male model pulling back the corners of his eyes, a gesture widely slammed online as a racist depiction. The advert triggered fury from social media users in China, who branded the image offensive and demanded action against the brand. Swiss watchmaker Swatch has been forced to pull and apologise for an advert that was accused of racism and caused uproar in China. Pic: Nikolas Kokovlis/NurPhoto via Getty Images On Saturday, Swatch said it had 'taken note' of the backlash in posts on Instagram and the Chinese platform Weibo, writing that it had scrapped the campaign worldwide. The company stated: 'We sincerely apologise for any distress or misunderstanding this may have caused.' The statement did not calm the anger of many users as they continued to urge shoppers to shun Swatch Group labels, which include luxury names such as Blancpain, Longines and Tissot. The Swatch advert. Pic: One Weibo commentator with more than a million followers accused the firm of 'racism against Chinese' and called for regulators to punish the brand. Others accused Swatch of deliberate discrimination. Swatch are receiving huge backlash in China. Pic: Michael Nguyen/NurPhoto via Getty Images One user wrote: 'The brand's image has collapsed. (Swatch) thinks they can just apologise and salvage everything? It's not that simple.' Another said: 'Care to explain? Is the model not Asian enough you asked him to stretch his eyes? Racist much?' A third added: 'Are you out of your damn mind? Don't you know how much Blancpain, Omega, and Longines rely on sales from East Asia? We demand an apology!' Yet another shared: 'You've just lost the entire Asian market. Congratulations!' Many other users have tagged the company's official account and demanded an explanation. Shares in the company fell by as much as 2.7% in early trading on Monday. China is one of Swatch's biggest markets but the company has faced slowing demand over the last while. Their revenue fell 14.6% to 6.74 billion Swiss francs (€7.2bn) in 2024 after a drop in demand in China. Swatch blamed this on 'persistently difficult market conditions and weak demand for consumer goods overall'. In July, Swatch reported sales had fallen 11.2% in the first half of the year, blaming the drop 'exclusively' on weak consumer appetite in China. Last year, it was also involved in a heated row with the Malaysian government when the country seized several of its watches claiming they incorporated LGBTQ elements. A court finally ruled that the confiscated goods should be returned.
The Journal
2 days ago
- The Journal
Swatch says sorry for ‘slanted eyes' ad following online uproar in China
SWISS WATCHMAKER SWATCH has apologised and removed an advert featuring a model pulling the corners of his eyes after the image prompted accusations of racism and calls for a boycott on Chinese social media. Internet users slammed the 'slanted eye' gesture made by the Asian male model as racist. In a post on Instagram and Chinese social media platform Weibo on Saturday, Swatch acknowledged the 'recent concerns regarding the portrayal of a model' in the advert and said it had deleted the promotional material worldwide. 'We sincerely apologise for any distress or misunderstanding this may have caused,' the company wrote. Many online were not content with the company's response and continued to call for boycotting Swatch Group brands, which include Blancpain, Longines, and Tissot. A Weibo user with more than one million followers accused the company of 'racism against Chinese' and suggested the firm should be punished by regulators. Advertisement A screenshot of one of the ads on Swatch's site. The image has since been taken down. Others accused Swatch of deliberate discrimination and urged consumers to boycott the company. 'The brand's image has collapsed. (Swatch) thinks they can just apologise and salvage everything? It's not that simple,' another user wrote. China is one of Swatch Group's biggest markets. But along with many other Western luxury brands, the watchmaker has struggled to maintain growth as the world's second largest economy has slowed and consumers have shifted to more affordable brands. In July, the group reported an 11.2 per cent drop in net sales for the first six months of the year. It said the slump was 'exclusively attributable' to sluggish demand in China. Swatch is not the first foreign brand to face accusations of racist advertising in China. Italian luxury fashion brand Dolce & Gabbana was heavily criticised in 2018 after it posted promotional videos showing a Chinese model awkwardly using chopsticks to eat Italian food. In 2023, French brand Dior also sparked uproar with an advertisement showing a model pulling up the corner of her eye.
