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Swatch Group is looking for a second wind

Swatch Group is looking for a second wind

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On Thursday 28 January, the Swatch watchmaking group unveiled its 2020 results, recording for the first time since its beginnings almost 40 years ago an annual loss, despite an improvement in the second half of the year.

 

However, the owner of the Omega brand hopes to achieve revenues close to 2019 in 2021.

 

“The general management foresees a strong global need to catch up in the consumption of watches and jewelry, similar to what was observed in mainland China after the normalization of the health situation. As soon as travel restrictions are eased or lifted, demand will increase further,” says Swatch.

 

The results of a sad reality

 

In its press release, the watch company posted disappointing figures, with sales declining by 32.1% to 5.6 billion Swiss francs, a decline of 28.7% excluding currency effects.

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Photo à la Une: © Omega

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