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Luxury Watch Sales May Improve, Cartier Rebound, HSBC Says 2014-02-18 11:08:48.119 GMT
By Heather Burke Feb. 18 (Bloomberg) -- Luxury watch industry may improve in 2014 with lower inventories, female purchases rising, HSBC says in note. * HSBC: Inventories, Swiss watch exports beginning to stabilize in Greater China, co. comments suggest 2014 high- end watch sales may be better * Richemont’s Cartier watches (~1/3 profits) may rebound this yr, jewelry may continue to expand, Montblanc improve; reiterates overweight, CHF108 PT * Swatch will continue to have growth from middle class expanding, margin growth may be a bit less than Richemont because of Rivoli consolidation * Swatch brand may have strong growth, less profitable than co. avg. * Reiterates neutral, PT raised to CHF630 from CHF610
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To contact the reporter on this story: Heather Burke in London at +44-20-7673-2044 or hburke2@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net