Industry News: Swatch Group Half-Year Report 2023 Shows Sales Up By 18%

Swiss watch giant Swatch Group, the umbrella above brands such as Omega, Breguet, Tissot, Longines and many more, has just released its 2023 half-year sales report, for the period January 1st – June 30th. At CHF 4,019 million, net sales are up 18.0% compared to the previous year at constant exchange rates, or 11.3% at current rates given a significant negative currency impact. The operating profit is up 36.4% at CHF 686 million.Swatch Group reports that the first half of 2023 benefited from the lifting of travel restrictions in Asia, which positively impacted most markets in addition to the expected recovery in China. In particular, after years of decline, the business in Hong Kong has tripled. Sales rose strongly in Europe too, starting with an increase of almost 50% in Switzerland. Sales in North America developed exceptionally well, particularly in the lower and medium price segments, with high double-digit growth rates.Commenting on its brands' performance, the Group highlights strong sales for Swatch and the MoonSwatch (with an acceleration of sales for the latter). A strong performance is also reported for Tissot, which benefits from the success of the PRX collection. Ad - Scroll to continue with article The Group Management sees excellent growth opportunities in local currencies for the second half of 2023 in all regions and price segments.?For more information, please visit www.swatchgroup.com.