Swatch Group 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...

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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Business

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 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...

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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...

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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...

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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...

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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...

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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...

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Business

Calvin Klein ends licensing agreement with Swatch Group

Calvin Klein and Swatch Group have agreed to end their 22-year licensing agreement. In a statement, Calvin Klein, Inc. wrote that it had been evaluating its watch and jewelry license in recent years and felt that the growth opportunity it sees for the category had not been optimized with Swatch Group's license. Both parties believe that they...

Featured

Fairs|UPDATE

Baselworld reacts to Swatch Group’s departure, announces changes

“Annual watch fairs, as they exist today, no longer make much sense. This does not mean that they should disappear. But it is necessary that they reinvent themselves”. With this harsh comment, Swatch Group, one of the world’s largest watchmakers, announced its departure from the Baselworld trade show yesterday. But the show’s organizers did not...