Executive
Swatch forecasts record 2023 sales as China lifts Covid curbs
Image: Courtesy of Swatch
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 of Covid measures, consumption quickly recovered, not only in China, but also in the surrounding markets of Hong Kong SAR and Macau. In addition, lifting of travel restrictions in China will revitalise sales in tourist...
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Swatch upbeat after China ends zero-Covid policy
Swiss watch giant Swatch said Tuesday that its revenue growth was limited by China's zero-Covid policy in 2022 but it anticipates strong sales this year following the lifting of restrictions.
Swatch, which also owns the luxury brands Tissot, Longines and Omega, posted net sales of 7.5 billion Swiss francs last year, up 4.6 percent from 2021 at constant exchange rates.
But China's Covid lockdowns caused a sales shortfall of more than 700 million Swiss francs, the maker of colourful watches said in an earnings statement.
The company posted a net profit of 823 million Swiss francs last year...
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