Announcement: Price increases due to declining EUR currency exchange rate against USD and CHF

sapcmc

Administrator
Staff member
#1
As you may be aware Prometheus strives to offer customers the best quality for a fair price.

As a result of this Mantra we have been able to pass savings to our customers and our prices decreased last year due to better deals with our suppliers and reduced logistics costs specially due to our joint venture with Borealis Watch Company.

However currency markets are not helping and since beginning of year we have started to incur lower and lower margins due to the declining EUR against major currencies such as USD and CHF.




As our deals with suppliers are mainly arranged in USD and CHF and the EUR lost over 20% against those 2 pairs of currencies our margins at the moment are almost getting null.

To keep our financial situation sound we will have to react and increase our prices in EUR starting beginning of April. So this coming weeks are your last chance to purchase our watches at current prices.

The percentage increase is still not fully determined but we will do our best to keep passing savings to our customers.
 

sapcmc

Administrator
Staff member
#2
As announced prices have been revised. At the same time we have decided to sell our watches directly in USD as this will also benefit majority of watch collectors as majority of payments were already being made in USD and paypal was exchanging money to EUR taking commissions in between.

This way we will also provide buyers savings in terms of currency exchange fees.
 
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