Swatch Group news and archive

Swatch Group posts sales growth

Swatch Group sales for the full year were 5.2 percent above the previous year to 7.9 billion Swiss francs. The company said in a statement that net profit rose by 8.1 percent to 890 million francs since there was a negative currency impact of 554 million Swiss francs or 7.4 percent, which weighed on profitability. The rapid erosion of major...

Retail

Switch Group snaps up New Bond Street property

Watch manufacturer Swatch Group has announced the acquisition of a property on London’s New Bond Street in a transaction worth 90 million Swiss francs (81.2 million pounds). The location houses a salon for the group’s owned brand Harry Winston, which had initially launched a store there in 2006, and had later reopened in 2016 following a...

Business

Swatch Group records 18 percent revenue growth in H1

First half net sales of 4,019 million Swiss francs at Swatch Group, increased 18 percent to the previous year at constant exchange rates and by 11.3 percent at current rates, despite a massive negative currency impact of 242 million Swiss francs. The company said in a statement that net sales exceeded the previous record half-year 2018 by 8.5...

Business

Omega watches to see price increases

Omega, the renowned Swiss watchmaker, is preparing for another round of price hikes following a previous increase earlier this year. Swatch Group AG, the owner of Omega, has been closely monitoring the luxury market, where entry-level Rolex prices have skyrocketed, often reaching twice the cost of an Omega timepiece. Omega contributes around 60...

Business

Swatch forecasts record 2023 sales as China lifts Covid curbs

Swatch reported net sales of 7,499 million Swiss francs, up 4.6 percent for the year at constant exchange rates, or up 2.5 percent at current rates. In view of the strong position of the group brands in all segments worldwide and the robust numbers in January for Mainland China, the company aims to achieve a record year in 2023. “After the end...

People

Time for change: Swatch Group reshuffles leadership team

Swatch Group is reshuffling its management team, with new appointments announced at Longines, Rado, Union, Tissot, Certina, and its Hamilton watch brands The group also announced changes to its Executive Group Management Board and its Extended Group Management. Raynald Aeschlimann, President and CEO of Omega and member of the Extended Group...

Business

Swiss watchmakers see exports plunge amid pandemic

Swiss watch exports plunged by more than a fifth in March, the Swiss watch industry federation, FH, said Tuesday, warning it expected the situation to deteriorate further in April. Overall, Swiss watch exports fell 21.9 percent in March compared to a year earlier, to 1.4 billion Swiss francs (1.4 billion dollars, 1.3 billion euros) -- with a...

Business

Swatch profits go backwards as Hong Kong protests bite

Swiss watchmaker Swatch Group said Thursday profits dwindled last year as sales in one of its biggest markets Hong Kong took a beating amid months of sometimes violent pro democracy protests. Swatch, which is best known for its brightly coloured plastic-cased watches but also owns several luxury brands including Breguet and Omega, posted a 2019...