Meet HENRY: the luxury goods consumer of the future
Marketers have coined the term HENRY—which stands for “high earners, not rich yet”—to describe the next generation of luxury consumers. Karine Szegedi, partner at Deloitte Switzerland, told us more about what makes a HENRY.
Hong Kong protests bite into Swiss watch exports
Swiss watch exports to Hong Kong fell 26.8% in June, another sign the Hong Kong protests are taking their toll on the luxury sector. Mariana Kou, Head of Hong Kong Consumer Research at CLSA, says she expects July and August to be “quite challenging” for export figures.
Companies are hiring, factory output is rising, and consumers are spending. The U.S. economy looks less and less like its headed for a recession. So then why is the Federal Reserve still likely to cut rates later this month? For political leverage, says billionaire investor Ken Fisher.
Why Switzerland is a great place to park capital
Investors are flocking to Swiss stocks and the SMI is on quite a run. Peter Rosenstreich, head of market strategy at Swissquote, sees this as part of a global trend with central banks taking a dovish stance. “The search for yield is on,” he says, “and Switzerland is a great place to park capital.”
Kepler Cheuvreux: “Swatch needs to sort out its online strategy”
Head of Swiss equities at Kepler Cheuvreux Jon Cox sees challenges ahead for Swatch Group in the second half of 2019 as competitors are offering more smart watches and a wider variety online. However, in Cox’s view, Swiss watch exports overall could pick up in the next months despite the protests in Hong Kong having an impact on luxury sales.
Exclusive: UBS responds to climate protesters
Divesting out of companies with ties to energy-intensive projects is not a panacea to climate change issues, UBS’s corporate responsibility management boss Christian Leitz says. His comments come after climate change activists staged a protest outside of UBS and Credit Suisse’s offices last week calling for the banks to stop financing companies involved in fossil fuel projects. Leitz adds: “It’s not that we can just jump out of certain sources of energy from today to tomorrow. There needs to be a clear transition.”
Bitcoin Suisse joins race to win banking license
Crypto finance firm Bitcoin Suisse announced today that it has applied for a banking license. Chairman Niklas Nikolajsen says it would be “very surprising” and a “big blow” if they do not get the green light from FINMA. A license would allow the Zug company to hold deposits and deal with security tokens more effectively.