Swatch sets new half-year sales record as Chinese consumers return

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Global demand for Swatch watches and a strong rebound in China pushed sales at the Swiss watchmaker to pre-pandemic levels.

Operating profit was up 36 per cent to SFr686mn ($793mn) in the first half of the year, the company said on Thursday, while net sales rose 18 per cent to SFr4bn, beating analysts’ expectations.

Net sales exceeded the previous record half-year in 2018 by 8.5 per cent, thanks to a boom in demand for its lower-priced watches. Swatch’s lines include luxury brands Harry Winston, Omega and Longines.

“After years of declining consumption, business in Hong Kong has completely revived, resulting in a tripling of sales,” the group said. “The most important European markets also recorded very strong growth.”