- BASEL, Switzerland: Record-high gold prices are prompting Swiss watchmaker Tissot to reduce the number of gold watches in its collection and focus instead on its top-selling steel models, its head said.
“We make fewer gold watches because if we raised prices, we would no longer reach certain clients,” Francois Thiebaud, president of Swatch Group’s top-selling midrange brand, said at the Basel watch fair.
He said the brand, which focuses on steel watches selling for 300-1,200 Swiss francs but also offers gold watches starting at 900 Swiss francs, would make 30,000-40,000 gold watches this year versus 50,000 two years ago.
Thiebaud said he expected Tissot sales to grow 20-25 percent this year after seeing an excellent start to the year and a double-digit rise in orders so far a the fair that closes its doors on Thursday.