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Swiss conglomerate Swatch Group has reported its strongest financials since the pandemic, with sales for the first half of 2023 increasing by 18 per cent.
Sales reached CHF4.019 billion ($AU8.6 billion), the group’s highest return since 2018.
Operating profit improved by 36.4 per cent, with a statement lauding double-digit increases in all watch and jewellery segments.
“The maker of Omega, Tissot and Longines timepieces as well as its mass-market plastic watches, said the lifting of COVID-related restrictions in Asia boosted its sales, especially in China, Thailand and Macao, which saw a rapid rise in travel activity,” reports Reuters.
“It also noted strong increases in its core European market, with sales in Switzerland soaring almost 50 per cent.
“The strongest increases came from the lowest price segment, Swatch said, announcing it would be introducing new products focused on, but not exclusive to, the lower and mid-range segments.”
Swatch also revealed that it has acquired property on Old Bond Street in London and a store on the Champs-Elysées in Paris.
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