Swatch reaches significant drop in sales, profits for H1 of 2024
Date
7/16/2024 5:33:47 AM
(MENAFN) Swiss watch and jewelry giant Swatch disclosed a substantial 14.3 percent decline in Net Sales for the first half of 2024 compared to the same period in the previous year. The company's net sales totaled 3.4 billion Swiss francs (USD3.8 billion) from January to June. Swatch, renowned for brands like Omega and Tissot, attributed this downturn primarily to weakened demand for luxury goods in China, encompassing regions such as Hong Kong and Macau.
Operating profit also experienced a notable decrease, plummeting to 204 million francs, a stark contrast to the 686 million francs reported in the corresponding period last year. The challenging market conditions in key Asian markets, compounded by broader economic factors, have significantly impacted Swatch's financial performance in the first half of the year.
The company's results reflect broader trends in the luxury goods sector, where shifts in consumer behavior and economic uncertainties have posed challenges for high-end brands like Swatch. As Swatch navigates through these turbulent market conditions, its strategies and outlook for the remainder of 2024 will likely focus on adapting to evolving consumer preferences and economic dynamics in key global markets.
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