Swatch sales drop by almost a third
The watch manufacturer believes that ‘demand will strengthen’ once travel restrictions are relaxed
Swatch has announced that sales for 2020 fell by almost a third due to Covid-19 restrictions and lockdowns affecting business.
The watch manufacturer saw sales dropped to CHF 5.95m (£4.45m) over the period, resulting in a total net loss of CHF 53M (£43m).
Known for brands such as Omega, Tissot and Longines, Swatch said it believes “demand will strengthen” once travel restrictions are lifted.
In a statement, Swatch said: “Group management anticipates a strong catch-up in consumption worldwide for watches and jewelry in 2021, as has already been observed in Mainland China after normalization of the health situation. Demand will strengthen further as soon as travel restrictions can be relaxed or lifted.
“Numerous new products from the Group’s brands will be additional sales drivers for 2021, for example, the Omega Moonwatch, the Longines Spirit or the highly demanded Tissot T-Touch Connect Solar.”
They added: “The latter will be launched in additional markets in 2021, including the USA and China. Swatch is pleased with the high demand for its SwatchPAY! models with credit card function.
“In future, these models can be conveniently configured online – unique in the world – and tokenization on site at a Swatch Store will no longer be necessary.”
