Victorinox, ad Elsener: US tariffs are 'a huge challenge' for our knives

The US is a key market for Swiss knife manufacturer Victorinox, so tariffs pose a 'huge' challenge for the company, according to its CEO, for whom relocating production is not an option. The Ibach-based company is currently working with its teams in the US to find solutions, but 'relocating production abroad, particularly for pocket knives, is not an option', as the brand is essentially 'defined by its Swiss origin', said CEO Carl Elsener.

Switzerland is currently facing punitive tariffs of 39%, applicable since last Thursday to Swiss products entering the US. "In the short term, the situation is not yet critical," according to the head of Victorinox, as stocks in the US were increased before they came into force. The additional costs resulting from these tariffs therefore remain 'manageable for the current year'. Thanks to these stocks, the Swiss brand can 'deliberately' refrain from raising prices 'until the end of the year', he points out.

"However, if these tariffs remain in place, we are estimating up to $13 million in additional costs per year from 2026." These new tariffs 'intervene at a time when the situation is already tense', with the weakening of the dollar against the Swiss franc, and therefore represent 'a huge challenge to our competitiveness', he insists.

In 2024, Victorinox achieved a turnover of 417 million Swiss francs (442 million euros at the current rate). The United States, its first export market, contributed 13% of its sales, a figure that rises to 18% for sales of professional and kitchen knives.