Swatch Group’s sales at its own stores in China are up by almost a quarter during April, the watchmaker’s Chief Executive Nick Hayek said, but the global situation following the coronavirus outbreak remains tough.
Swiss watchmaker Swatch Group is taking a "massive" hit from the outbreak of the novel coronavirus that sharply affected business in major market China, Chief Executive Nick Hayek said in a Sunday newspaper interview.
Swiss watchmaker Swatch Group is quitting the annual Baselworld watch and jewellery trade fair, said a report on Sunday, calling time on an event that has been a fixture of the luxury industry calendar for a century.
It was good news all the way from Swatch on Tuesday as the watch giant predicted "very positive" growth this year after a surge in 2017. Demand for Swiss watches rose and its affordable fashion watches recovered.
Swatch's foray into electric car batteries, announced late last year, has investors wondering about the group's strategy in a shrinking market, with questions about the timetable and cost feasibility of the project.
European luxury goods firms fell sharply on Friday, with Swatch slumping 13 percent to its lowest in 6-1/2 years after the world's biggest watchmaker warned its first-half profit would drop by 50-60 percent.