The dip in international sales of Swiss luxury watches final year, the very first yearly drop since the 2009 recession, may well have finally caught up with Singapore.

Though the shipments ofcheap patek pillippe watchesworldwide in 2015 slipped 3.three per cent from a yr in the past to 21.five billion Swiss francs (S$30.seven billion), the shipments to Singapore rose a single per cent to one.13 billion Swiss francs, reversing the 1.four per cent dip in 2014.

In December 2015 alone, retail orders of Swiss watches in Singapore, one of the 10 most significant markets for luxury timepieces, jumped 8.1 per cent 12 months on yr to 102.6 million Swiss francs, according to figures compiled earlier by the Federation in the Swiss Observe Industry.

But the latest numbers for January 2016 released this week by the federation demonstrate Swiss watch exports to Singapore suddenly plunged 22.6 per cent-the second-biggest drop from the prime 10 markets for Swiss luxury timepieces.

The largest fall-down 33.one per cent-was seen in Hong Kong, the world's biggest luxury observe market and in which Swiss shipments of watches have fallen for twelve straight months, wiping one particular billion Swiss franc off the buy books.

Globally,buy titoni watchesexports, which account for virtually all luxury timepieces sold worldwide, slid for the seventh consecutive month in January 2016, tumbling 7.9 per cent to 1.five billion Swiss franc. "An unfavourable environment continues to hold back results while in the sector," explained the Federation of your Swiss View Industry.

Both The Hour Glass (THG) and Cortina Holdings, the two publicly listed view retailers in Singapore, declined to comment for this report.

But THG group managing director Michael Tay advised BT earlier that he had seen a "re-balancing of supply on the new demand reality" brought about by the 2009 recession.

"There will probably be market consolidation across Asia (excluding South Korea and Japan)," he had predicted. "We are currently seeing it happen in Hong Kong exactly where speciality watch and jewellery retailers are trimming stores opened while in the go-go days of 2007 and 2011."

Mr Tay had said that the "rout in Singapore in particular may last for at least another two to three years - finish 2017, possibly nicely into 2018".

THG, which is thecartier watches for saleretailer in Singapore, reported its sales revenue was flat at S$186.four million for the three months ended Dec 31, 2015. Net profit slipped two per cent from a year ago to S$14.5 million.

For the initial nine of months of its financial yr, the company's revenue rose two per cent to S$521 million. Net profit dipped a single per cent to S$34.6 million.

Cortina's revenue slipped 0.04 per cent to S$97.7 million from the third quarter ending December 2015. Net profit fell 1.22 per cent to S$2.eight million.

For the first nine months, the retail chain's revenue dropped two.94 per cent to S$273.7 million. Net profit declined 17.8 per cent to S$6.9 million.