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PostPosted: Fri Jun 24, 2016 9:42 pm 
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So now that the result is in and the world is digesting the news and the politicians and bookies got it wrong, let's get to what really matters. What impact does BREXIT have on sales of luxury watches?

After the Canadian dollar tanked again, I spoke with an OMEGA sales rep who mentioned that prices in Canada would have to be adjusted upwards because relative to the rest of the world, their watches were under-priced here. One effect of this imbalance was that Canadian ADs selling OMEGA watches were attracting large numbers of foreign buyers. I suppose it was so for any Canadian watch dealer for a time unless they responded very quickly to currency fluctuations.

So for UK ADs of luxury watches, could there be a similar effect, at least in the short term? An up-tick in sales driven by foreign buyers visiting during the summer with a 12% drop in the £ relative to the US dollar; 9% to the Euro; 6% to the Canadian and Australian dollars?



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PostPosted: Sat Jun 25, 2016 7:02 am 
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Difficult to say how it will affect sales of watches (or indeed any goods) in the short terms at least as it's a period of great uncertainty for everyone this side of the Atlantic, although I think it's fair to say that prices in the UK at least certainly aren't going to drop!

On a more personal watch-related note, leaving the EU is a pain in the backside for me as over the last few years I've bought and sold a number of watches throughout Europe taking advantage of the zero tax and import duties. Italy for example has been a great source of very well-priced watches, in many cases only very slightly more expensive than they are in the US but without the import and taxation implications I get with US/UK trade. So it's goodbye to that.

Once we're no longer EU members I fully expect to see a minimum of 20% added to anything I buy from Europe just due to VAT alone, and then there will be import duties as well, before we even start to get to standard P&P. Great. :roll:

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PostPosted: Sat Jun 25, 2016 7:45 pm 
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Here's an article in the Financial Times on the subject from a few weeks ago. I didn't know it was out there, otherwise I would have included it in the original post.

http://www.ft.com/cms/s/2/b02c5ed4-1769-11e6-b197-a4af20d5575e.html



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PostPosted: Wed Aug 24, 2016 8:22 pm 
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And from yesterday's Financial Times, here's confirmation of the expected increase in sales and skepticism that the increase will last long. 132% boost for one OMEGA outlet in London!
http://www.ft.com/cms/s/0/8aa494c4-6908-11e6-a0b1-d87a9fea034f.html



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