Swatch news and archive

Swatch Group full-year profit slumps, sales decline

Swiss watchmaking and jewelry company Swatch Group AG (SWGNF) on Friday reported significantly weaker full-year results, as lower sales and higher operating expenses weighed on earnings. Profit before tax declined to CHF 158 million from CHF 345 million a year earlier. Operating profit fell to CHF 135 million, compared with CHF 304 million in...

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Swatch responds to US tariffs with special "39%" watch

Zurich - Watch brand Swatch has responded to US tariffs with a special edition watch. The design plays on the 39 percent levy imposed on Switzerland. The brand has pledged to stop selling the watch "as soon as the US changes its tariffs". The Swiss brand, known for its multicoloured plastic watches, has launched a model where the numbers three...

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Swatch's US business strength boosts luxury goods sector

Swatch shares rose sharply on Wednesday afternoon. After jumping to 151 francs, they were last up 4.4 percent at 147.55 francs. Several traders cited reassuring statements in a conference call on US business. The watch group assured that the market was developing strongly. They also stated that tariffs were manageable. There was no official...

Fashion

Swatch ad sparks controversy over racist depiction

Swiss watchmaker Swatch issued an apology this weekend regarding the racist nature of its recent advertisements. The images showed an Asian model pulling the corners of their eyes upwards and backwards. The images were for the Swatch Essentials collection and were met with a wave of indignant comments on social media. According to Reuters, some...

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Swatch Group's profits plummet in first half

Zurich - Swiss watchmaker Swatch Group published its half-year results on Thursday. The results were heavily affected by weak consumer spending in China, causing its net profit to plummet. The group, owner of the multicoloured plastic watch brand and other brands, including Tissot, Longines and Omega, saw its net profit fall to 17 million Swiss...

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Swatch Group's results weighed down by China in 2024

Zurich - Swiss watchmaker Swatch Group saw its profits and sales plummet in 2024 due to falling demand in China and a decline in orders for watch components, it announced on Thursday. The Swiss group, which owns Tissot, Longines and Omega among others, reported a net profit that fell short of expectations, down fourfold to 219 million Swiss...

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Swatch Group boss denies plans to take company private

The chief executive officer of watchmaker Swatch Group, Nick Hayek, has denied that there are foreseeable plans to delist, despite previously expressing an interest in taking the company private. In an interview with German news platform Bilanz, Hayek said that privatising Swatch, which is currently listed on the Swiss Exchange, “would be a nice...

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Swatch H1 results, sales decline

The Swatch Group AG (SWGAF.PK), a Swiss manufacturer of watches and jewellery, Monday reported result before tax of CHF 225 million for the first half, lower than CHF 653 million in the comparable period last year, primarily due to drop in demand for luxury goods in China, including Hong Kong SAR and Macau SAR. Operating results declined 17.1...

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...

Fashion

Swatch sues Malaysian government over banned rainbow watches

The annual surge in the release of Pride-themed products, adorned with vibrant rainbow flags in support of LGBTQ+ equality, shows no sign of slowing down, as brands hope to gain their share of the pink pound. Nevertheless, certain products are embroiled in controversy, not due to their ostentatiousness, but for running afoul of local laws....

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Swatch group posts full-year profit

Swiss watch and jewelry maker Swatch Group (SWGAF.PK, SWGNF.PK) reported that its net income attributable to shareholders for fiscal year 2021 was 765 million Swiss francs compared to a net loss of 51 million francs in the previous year. Earnings per registered share was 2.95 francs compared to a loss of 0.20 francs in the prior year. Operating...

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Swatch sales nearly halved during coronacrisis

Swatch, the world's top watch company, said Tuesday its sales were nearly halved in the first half of the year due to coronavirus lockdowns, but that it has already returned to profitable operations. The Swiss-based group whose brands also include Omega, Longines and Tissot, said sales plunged by 46.1 percent in the first half of 2020 from the...