Luxury Swiss watchmaker Breitling have become the latest brand to raise its prices as a direct response to the post-Brexit decline in the value of sterling, being expected to raise prices by an average of 8% from tomorrow.
News of the price increase was broken by luxury watch retailer Banks Lyon, who emailed customers advising them that now was the time to invest in a Breitling watch, before prices go up.
The move follows similar moves by other luxury watch brands, including the likes of Cartier, IWC and Vacheron Constantin, who have so far increased their retail prices by an average of 10%, with other brands such as Jaeger LeCoultre and Panerai also adjusting their prices, albeit by a little less.
Other brands expected to announce changes to price include LVMH brand Hublot and Richemonth brands, such as Patek Philippine and Audemars Piguet, who have so far not raised retail prices despite increasing trade prices.
Rolex, along with Swatch Group brands, which include Blackpain, Longines and Omega, have so far made no moves towards a price increase, instead opting to enjoying the continuing good sales of watches in the UK this summer.
The weakness of the pound in recent months has led to a surge in exports for luxury Swiss watchmakers, with watch sales up 23.5% in the UK for the month of August, compared to a fall of elsewhere, such as in the US, where sales were down 12.4%.