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Jewelry Lifts Swatch Sales and Profit
Jul 23, 2018 6:08 AM
By Rapaport News
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RAPAPORT... Swatch Group, the owner of luxury jewelry brand Harry
Winston, saw an increase in sales across all sectors in the first half amid
strong consumer demand, it said.
Group revenue climbed 15% to $4.3 billion (CHF 4.27
billion), with operating profit up 70% to $634.6 million (CHF 629 million). Net
profit jumped 67% year on year to $472.2 million (CHF 468 million).
Sales of watches and jewelry — including Harry Winston — grew 15%
to $4.17 billion (CHF 4.14 billion), while profit for the category soared 62%
to $691.2 million (CHF 685 million). The higher sales prompted the group to
increase production of jewelry and timepieces.
The Asia and North America regions showed the strongest
growth in the six months ending June 30. Swatch Group expects higher sales in
the second half of the fiscal year, as the company launches new collections and
benefits from a higher anticipated sales volume during the period before and
during the holidays.
“Consumer demand, particularly from millennials, for
authentic innovative brand products is greatly increasing on a worldwide scale,
regardless of region or price segment,” the company said. “Consumers want real values, not only materially
but also emotionally. Increasing interest in pre-owned and
vintage products favors strong, innovative and authentic brands. This is an
immense opportunity for the 18 Swatch Group brands.”
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Tags:
Harry Winston, Rapaport News, Swatch, swatch group
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