Swatch Reports Record Profits in 2013

by swisscham in Hospitality, Retail, Tourism

Swatch hauled in a record CHF 8.8 billion (USD 9.7 billion) in sales in 2013, representing an 8.3% increase over the previous year despite fewer Swiss watch exports to China. The Swiss watchmaker, which is the largest in the world, gained market share in 2013 and has reported strong sales in the early days of 2014. Overall, watch exports from Switzerland to the large Chinese market declined in 2013 after China’s government cracked down on luxury items given as illegitimate gifts. However, Swatch’s middle-market brands such as Tissot and Longines are not considered luxury goods and continue to sell well to the Chinese middle class.

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