The Swiss manufacturer of brands such as Omega, Longines and Tissot reported a 14.6 per cent decline in sales. Revenue increases from the US and Japan were contrasted with struggles in China.
“The figures reflected the ongoing difficulties for many luxury companies in China, where customers have been shunning expensive purchases during the country's economic slowdown,” writes John Revill for Reuters.
“Swatch is highly exposed to China, Hong Kong and Macau, generating 27 per cent of its sales in the region, down from 33 per cent a year earlier.
“The Swiss watch industry as a whole struggled during 2024, with total exports down 2.7 per cent in the first 11 months of the year, according to industry figures, with exports to China down 26 per cent.”
In a statement, Swatch addressed its outlook and suggested that the coming year offered "positive momentum" worldwide.
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