Well I haven't looked at the chart yet but I did read the Weekend FT and the comments on Richmont were interesting. There is no doubt subdued results are expected. 1. Swiss watch production down about 14%. 2. Seems like the watch market for the watch makers as a whole - and CFR of course produces watches in its maisons - BUT watches only contribute about third of their earnings( CARTIER is the big earner- jewelry )- were pulled out of shape by the Chinese bling factor, 3. plus an increase in watch prices of over 50% well above HK inflation ( key outlet in FE ) and 4.Cartier buying back about Eu250m in stock from retailers....( hmmm..) Cartier working on their next big thing... But industry not under threat from Apple - and innovating by producing watches in Stainless steel- as an entry level offering .. So the conclusion is the industry is reinventing itself as we speak - and the next 15 motnhs should evidence a healthier outcome.