Luxury Figures

Swatch Group improves its turnover despite a slowdown in the Chinese market

Louana Pochon

By Louana Pochon15 juillet 2022

On the 14th of July this year, Swatch Group published its half-yearly report for the year 2022, announcing a balance sheet that it considers to be "extremely positive" with an increase in turnover of +7.4% compared to the previous year. Despite growth being dampened by China's "zero Covid" policy, double-digit sales growth is expected for the year as a whole.

Un modèle de la collection "Bioceramic Moonswatch" de la collaboration entre Swatch et Omega (Swatch Group)

On Thursday 14 July, Swatch Group announced in its half-year report 2022 an increase in net sales of +7.4%, which represents an increase of more than 300 million francs compared to the previous year. All major markets in Europe, America and the Middle East recorded double-digit growth rates and most Asian countries such as Japan and Singapore also performed well. The Group also saw its operating profit increase by +25.1% to CHF 503 million and its net profit rise from CHF 270 million to CHF 320 million.

The collaboration between Swatch and Omega, which gave rise to the "Bioceramic MoonSwatch" collection, illustrates, according to the group, "the strength of its own verticalized production" but also "the strategic importance of being present in all price segments with strong brands". This collaboration benefits from a daily growing demand in the markets which, according to the report, has confronted Swatch "with a current oversupply of available products".

Swatch Group nevertheless notes "a massive decline" in sales of around CHF 400 million in total. The main reasons for this are the numerous recurring lockdowns in mainland China, Hong Kong SAR and Macau (which begins its first week of lockdown this week). This strict policy against the spread of COVID-19 by the Chinese government has forced brands to close many retail shops, and prevented distribution centres from delivering products.

Despite this slowdown, the group's management ends its report with a positive tone regarding the objectives formulated for the entire year 2022.

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