Hard hit by the Covid-19, Swatch Group, world leader in watchmaking, believes in a bright future.
"I am very confident for the coming year,"
assures Nick Hayek, boss of the Swiss group.
Swatch Group is in a position to achieve sales this year close to that of 2019, but with a significantly higher operating margin, because we have reduced our cost base.
The situation has enabled us to renegotiate the rents for our stores. ”
The group has also closed 384 stores, and now has just over 1,700.
Last year, its sales fell 28.7% to 5.6 billion Swiss francs (5.2 billion euros) and its operating profit was divided by 20, to 52 million.
The group posted a net loss of 53 million.
“Our net loss can be explained by the impact of the transfer of consumption from Hong Kong, where the watch market shrank by 80%, to mainland China, where our sales soared in the second half of the year,”
explains Nick. Hayek.
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