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Swiss luxury watchmaker Audemars Piguet said its "Royal Pop" collaboration with Swatch is breaking sales and engagement records, even as the broader luxury watch industry grapples with a slump and tariff pressures. The eye-catching, lower-priced collaboration has drawn strong consumer interest as a counterpoint to weakening demand for ultra-high-end timepieces. The result highlights how creative collaborations can buck a broader downturn in luxury goods, offering a case study for other watchmakers facing tariff-related headwinds and softening demand.