More than a third of Swatch Group's global sales come from China, Hong Kong, Macau and Taiwan. However, once shops were allowed to reopen, there was an immediate recovery - with sales in May and June up 73% and 60% respectively on the same months last year. Why UK's COVID-19 recession will feel far more intense than the aftermath of 2008 Mr Hayek highlighted how its sales in China, Swatch's most important global market, had fallen by 83% in February when lockdown measures were introduced in the country, with sales in March and April down 22% and 3% respectively on the same months last year.
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Shares of luxury goods companies have been particularly heavily hit this year following the collapse in air travel, because a significant proportion of sales come from air travellers and airport duty free outlets.īut today's update also provides some grounds for optimism. Swatch's update offers an insight into how trading will have been during the first half of 2020 for other luxury goods groups, in particular rival Swiss watchmakers like Hublot - which is owned by the French luxury goods titan Louis Vuitton Moet Hennessey - Patek Philippe and Rolex. "We are really looking forward to a very good second half of the year that will bring the group again into profitability." Mr Hayek, whose father Nicholas oversaw the merger that created Swatch Group, added: "The group's management is convinced that the sales and profit situation will improve quickly in the coming months, parallel to the further easing of COVID-19 measures. He insisted, though, that Swatch Group would still be profitable for the year as a whole. Pic: SGĬhief executive Nick Hayek said the strength of the Swiss franc during the half had also created a headwind. Image: The company's eponymous brand launched a James Bond Collection earlier this year with this face celebrating Moonraker.
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