In a remarkable performance in 2023, Swatch Group experienced a substantial surge in revenue, propelled by robust demand in China and Hong Kong, complemented by the successful introduction of new collections. The prestigious conglomerate, housing acclaimed brands such as Harry Winston, Omega, and Tissot, disclosed a noteworthy 5% growth in revenue, reaching CHF 7.89 billion ($9.14 billion) for the fiscal year. The dominant category of jewelry and watches witnessed a significant uptick of 6%, contributing CHF 7.55 billion ($8.74 billion) to the overall sales figure. The electronics division accounted for the remaining segment, while net earnings recorded an impressive 8% increase, totaling CHF 890 million ($1.03 billion).
Asia emerged as a pivotal contributor to Swatch Group’s stellar performance, experiencing double-digit expansion across key markets such as Hong Kong, Macau, Thailand, India, Japan, and China. The recovery in consumer demand in Asia gained momentum early in the year, following the relaxation of travel restrictions between Hong Kong and China. Hong Kong’s luxury revenue, particularly reliant on mainland tourists, witnessed a notable upswing. Switzerland also enjoyed a remarkable sales surge, exceeding 30%, with the Omega, Tissot, and Swatch brands achieving record-breaking results in the robust US market.
The globally acclaimed MoonSwatch collection maintained a consistently high demand throughout the year, achieving unprecedented sales levels across the world. Swatch Group highlighted the overwhelming response to the newly introduced Moonshine Gold editions, leading to increased footfall in stores. The momentum continued with the global success of the Scuba Fifty Fathoms collection, launched in September. Swatch Group remains optimistic about its future trajectory, buoyed by the sustained popularity of its collections and the resurgence of key markets in Asia and beyond.
