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In the aisles of Watches & Wonders, taken by storm this year by visitors from Asia, absent in 2022 due to covid, the publication of Morgan Stanley’s report on the Swiss watch trade goes almost unnoticed. It is out of sight, in the hushed lounges of the stands that the document, as expected as it is decried, arouses more lively discussions. Cultivating secrecy as fiercely as it defends know-how, the Swiss watch industry hates to see its turnover or the number of pieces sold made public, if only through estimates.
