The Swiss watch manufacturer Swatch has increased its sales and profits despite the strong Swiss franc. The strong franc is a problem for Swatch Group, but the watch company sees good growth opportunities in local currencies this year, it reported on Tuesday.
In 2023, net profit rose by 8.1 percent to 890 million francs (around 941 million euros), sales rose by 5.2 percent to 7.9 billion francs despite massive negative currency effects. According to its own statements, the world’s largest watch group expects good results this year from the jewelry brand Harry Winston and the watch brands Swatch, Tissot and Longines.
Sales in Switzerland rose by 30 percent last year, while in the rest of Europe it was in the single digits. There were also double-digit growth rates in Hong Kong, Thailand, India, Japan and China, among others. With an increase in exports in the watch and jewelry sector of 11.9 percent, Swatch is above the figure for the entire industry. The Swiss Watch Association stated this as plus 7.9 percent.
Swatch, based in Biel, supplies finished watches and jewelry as well as clock movements and components. According to its own information, the company created 802 new jobs in Switzerland last year. At the end of 2023, it employed a good 33,600 people worldwide. (dpa)