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Citychamp paid about CHF 86 million to purchase Corum in 2013 whereas assuming hundreds of thousands extra in associated debt, in accordance with Swiss newspaper Le Temps. The Hong Kong listed firm, that additionally owns the Eterna model, and Dreyfuss Group watch belongings, stated in its most up-to-date annual report that Corum, Eterna, and the Dreyfuss Group contributed income after tax was 155 million Hong Kong {dollars} in 2024 or about $20 million, a pointy decline from 218 million Hong Kong {dollars} in 2023. The watch belongings posted a monetary lack of about 90 million Hong Kong {dollars} in 2024, or about $11.5 million.
Citychamp stated that Corum was impacted by the double digit proportion declines in Swiss watch exports to China and Hong Kong in 2024 but additionally confronted challenges attributable to “its sluggish response to fulfill evolving shopper demand. Purchasers more and more favored novelties over older collections, so outdated items must be offered at a better low cost,” the corporate stated in its annual report.
In accordance with the submitting, the corporate reduce prices and streamlined operations in response to declining gross sales and losses whereas specializing in the manufacturing of fewer, costlier timepieces.
For extra details about Corum, click on right here.
