Swatch Group Sales Soar with China and Hong Kong Recovery

Swatch Group's Strong 2023: Asia drives growth, new collections shine
Swatch Group Sales Soar with China and Hong Kong Recovery

Swatch Group witnessed a surge in revenue during 2023, driven by heightened demand in China and Hong Kong, coupled with the introduction of new collections. The luxury conglomerate, encompassing renowned brands like Harry Winston, Omega, and Tissot, reported a 5% growth in revenue, reaching CHF 7.89 billion ($9.14 billion) for the year. The dominant category of jewelry and watches experienced a notable 6% rise, contributing CHF 7.55 billion ($8.74 billion) to the overall sales. The electronics division accounted for the remaining portion, and the net earnings saw an 8% increase, reaching CHF 890 million ($1.03 billion).

Asia played a pivotal role in the company's growth, achieving double-digit expansion in key markets such as Hong Kong, Macau, Thailand, India, Japan, and China. The recovery in consumer demand in Asia began early in the year, following the lifting of travel restrictions between Hong Kong and China. Hong Kong's luxury revenue, heavily dependent on mainland tourists, experienced a notable upswing. Switzerland witnessed a remarkable sales surge, exceeding 30%, while the Omega, Tissot, and Swatch brands broke records in the robust US market.

The MoonSwatch collection maintained strong global demand throughout the year, reaching unprecedented sales levels worldwide. Swatch Group highlighted the overwhelming response to the new Moonshine Gold editions, with stores experiencing high customer traffic. The global success continued with the launch of the Scuba Fifty Fathoms collection in September.

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