Berenberg: The watch business of Lifen Group shows signs of fatigue.

Berenberg analysts wrote in a report to investors that despite strong performance at the end of last year, Richemont's exposure to the watch category still raises some concerns. According to a performance update released this week, the Swiss luxury group exceeded expectations in the third quarter, with its core jewelry business performing well. However, Berenberg pointed out that the group's watch division, although gaining momentum, is still a weaker sector structurally. The German bank stated, "In the post-pandemic period, with speculative bubbles receding and demand normalizing towards core product ranges, watches remain our least favored category in the luxury goods sector."