Swatch news and archive

Swatch Group boss denies plans to take company private

The chief executive officer of watchmaker Swatch Group, Nick Hayek, has denied that there are foreseeable plans to delist, despite previously expressing an interest in taking the company private. In an interview with German news platform Bilanz, Hayek said that privatising Swatch, which is currently listed on the Swiss Exchange, “would be a nice...

Business

Swatch H1 results, sales decline

The Swatch Group AG (SWGAF.PK), a Swiss manufacturer of watches and jewellery, Monday reported result before tax of CHF 225 million for the first half, lower than CHF 653 million in the comparable period last year, primarily due to drop in demand for luxury goods in China, including Hong Kong SAR and Macau SAR. Operating results declined 17.1...

Retail

Switch Group snaps up New Bond Street property

Watch manufacturer Swatch Group has announced the acquisition of a property on London’s New Bond Street in a transaction worth 90 million Swiss francs (81.2 million pounds). The location houses a salon for the group’s owned brand Harry Winston, which had initially launched a store there in 2006, and had later reopened in 2016 following a...

Fashion

Swatch sues Malaysian government over banned rainbow watches

The annual surge in the release of Pride-themed products, adorned with vibrant rainbow flags in support of LGBTQ+ equality, shows no sign of slowing down, as brands hope to gain their share of the pink pound. Nevertheless, certain products are embroiled in controversy, not due to their ostentatiousness, but for running afoul of local laws....

Business

Swatch sales nearly halved during coronacrisis

Swatch, the world's top watch company, said Tuesday its sales were nearly halved in the first half of the year due to coronavirus lockdowns, but that it has already returned to profitable operations. The Swiss-based group whose brands also include Omega, Longines and Tissot, said sales plunged by 46.1 percent in the first half of 2020 from the...

Business

Swatch profits go backwards as Hong Kong protests bite

Swiss watchmaker Swatch Group said Thursday profits dwindled last year as sales in one of its biggest markets Hong Kong took a beating amid months of sometimes violent pro democracy protests. Swatch, which is best known for its brightly coloured plastic-cased watches but also owns several luxury brands including Breguet and Omega, posted a 2019...

Fashion

'Incomparable' 50 million USD pink diamond smashes record at Geneva auction

An exceptionally rare pink diamond of nearly 19 carats fetched 50.3 million Swiss francs (50 million USD, 44 million euros) at auction in Geneva Tuesday, Christie's said, setting a new per-carat record for a stone of its kind. The Pink Legacy, which once belonged to the Oppenheimer family who for decades ran the De Beers diamond-mining company,...

Business

Swatch makes up for lost time with record sales

Swatch, the world's top watchmaker, on Wednesday announced an all-time record in half-year sales, saying it has millennials to thank for bringing wristwatches back. Swatch is best known for its brightly coloured plastic-cased watches, but also owns several luxury brands including Breguet and Omega. Long the world's biggest watchmaker, Swatch has...

Business

Asia rebound sends Swatch profits ticking higher

Swatch has handily outrun the global watch crisis, it said Tuesday, with revived sales in Asia pushing 2017 profits more than 27 percent higher from the previous year. The world's largest watchmaker saw its net profit swell to 755 million Swiss francs ($812 million, 651 million euros), more than a quarter higher than in 2016. Swatch, which is...

Business

Swatch profits slow as attacks hit key markets

Swatch Group, the world's largest watchmaker, posted a 52-percent fall in first-half profits on Thursday, with sales hurt by declining tourism after attacks in France and Belgium. The Swiss-based company also said revenues were down in its crucial market of Hong Kong. The entire luxury watch sector has seen trimmed sales on the island since...

Business

Swatch shares unhinged after earnings warning

Shares in Swatch plunged more than 11 percent on Friday after the Swiss watch group warned that sales had slumped and profit had plunged in the first half of the year. Although full publication of results is not expected until next week, the company said first half sales had fallen by 12 due to drops "in important markets like Hong Kong and...

Business

Swatch plans to add to smartwatch range

New York - No one is letting Apple have the sole monopoly on the smartwatch. Swatch's CEO Nick Hayek was quoted saying to Swiss newspaper Tages-Anzeiger "Our product is called Touch Zero One and that gives enough room for Zero Five, Zero Nine. The Touch Zero One is not the end of the progression." While the plan is only so concrete plan, it is...