Fashion
While Swatch Group profits nearly halved last year in a weak global watch market, the Swiss company is predicting “healthy growth” ahead.
Swatch Group owns such luxury brands as Breguet, Longines and Omega as well as marketing watches carrying its own name.
Net profit fell 47 per cent to 593 million Swiss francs (US$598 million) last year while sales came in at 7.5 billion francs.
Watch and jewellery sales dropped by nearly 11 per cent as 2015’s marked slowdown ran into last year. However, by the end of the year there was fresh movement in sales, especially in China, says Swatch.
From November to January there was “very good growth” in the segment, particularly in Mainland China, says the group, noting “a substantial improvement in operating margin.”
“Based on the positive development of the past three months, healthy growth is expected for this year.”
