The Swatch Group AG (SWGNF)
- Yahoo Finance
Rolex prices are falling and supplies are rising
For investors in Swiss watch brands, new data shows long-running price declines will continue.
- AFP
Swatch profits plunge as China luxury crisis bites
Swiss watch group Swatch saw its first half profits plunge due to the luxury market crisis in China and warned Monday the key market was likely to remain difficult throughout the rest of the year. But the Chinese market will likely remain challenging for the entire luxury goods industry until the end of the year, it said.
- Reuters
Swatch sales, profits slump on weak China demand, hammering shares
Swatch Group, the world's biggest watchmaker, reported a steep drop in first half sales and earnings on Monday as demand for luxury goods in China remained weak, but forecast business would improve significantly later in 2024. The Swiss maker of Tissot, Longines and Omega watches, as well as the eponymous plastic Swatch watches, said net sales at current exchange rates dropped 14.3% to 3.45 billion Swiss francs ($3.85 billion) in the January-June period. Sales were well below the 3.75 billion franc consensus forecast gathered by Visible Alpha, with the company also pointing to a negative currency impact of 145 million francs.
