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Swatch Sets New Half-Year Sales Record Citing Lifting of Covid Curbs

Swatch Group said it expected double-digit sales growth in local currencies this year after sales and profits recovered in 2021.
Swatch sets new half-year sales record citing lifting of Covid curbs. (Swatch)

Swatch Group reported record growth for the first six months of the year, benefiting from the removal of the final Covid-related restrictions in Asia, the watchmaker said on Thursday.

Net sales reached 4.019 billion Swiss francs ($4.64 billion), up 18 percent from last year and marking a new half-year record.

The maker of Omega watches, said it saw the strongest growth in the lowest price segment and predicted “excellent prospects” for the remainder of the year in all markets and price segments.

Swatch said it would be introducing new products focused on, but not exclusive to, the lower and mid-range segments.

“The only cloud on the horizon remains the unfavorable currency environment,” the watchmaker said.

By Noele Illien; Editor: Tomasz Janowski

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Swatch Positive on Recovery in Luxury Demand From China

The maker of high-end Omega, Tissot and Longines timepieces as well as its eponymous mass-market plastic watches said sales in China in January had already exceeded the high levels seen in January 2022.

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