Not all images were able to load for printing. Please close the print window and try again. Swatch Group Revenues and Profit Down in 2024
The Group’s revenues are impacted by the challenging situation in China and South East Asia.
It’s the time of year when businesses announce their financial performance. Following Richemont and LVMH, Swatch Group has just released its 2024 results. In a challenging environment for the watch industry, the sales of Swatch Group – the Swiss powerhouse and owner of Omega, Longines or Tissot – were CHF 6,735 million, down 12.2% at constant exchange rates and 14.6% at current rates. The operating profit came in at CHF 304 million versus CHF 1,191 million in 2023.
After reaching records in 2023, the luxury watch market is facing a slowdown as Swiss watch exports are expected to be down by about 3% over 2024, impacted by the challenging situation in China. In this difficult environment, Swatch Group sales have been impacted. In this context, Swatch Group’s revenues and profits are down; the press release mentions a “persistently difficult market situation and weak demand for consumer goods overall in China (including Hong Kong SAR and Macau SAR)”, and on the other hand, positive evolutions in the USA, Japan, India and the Middle East.
Swatch Group also reports that “the prestige brands Breguet and Blancpain were particularly affected by the challenging market environment. Harry Winston and Omega, on the other hand, performed well, as did the brands in the medium price segments with Rado, Longines and Tissot”.
In view of a more positive trend in December, the Group expects more positive evolutions for 2025.
For more details, please visit www.swatchgroup.com.
2 responses
listen to people, make watches that people want. make more 39mm with all brushed cases, enough with polished fancy bs for grandpas.
This is not about “making watches that people want.” “SHANGHAI, Jan 21 (Reuters) – China’s luxury market declined by 18% to 20% in 2024, marking the end of a period of “exponential growth”, with sales expected to remain flat this year, consultancy Bain and Company said at the launch of its latest ‘China Luxury Report’ on Tuesday. Discretionary items, including personal luxury goods, have been hard hit in China, which accounts for around a third of global luxury goods sales.”