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Swatch Group’s revenue fell in 2025 as demand in China and Hong Kong remained weak, overshadowing strong sales in other key markets.
Revenue fell 7% to CHF 6.28 billion ($8.13 billion) for the year, the luxury group — which owns Harry Winston, Omega and Tissot — reported Friday. Sales of jewelry and watches, the company’s dominant category, slipped 8% to CHF 5.93 billion ($7.68 billion). Its electronics division accounted for most of the remainder. Net earnings plunged 89% to CHF 25 million ($32.4 million).
Negative currency impacts caused some CHF 308 million ($398.6 million) of the decrease in sales, as the US dollar grew stronger against the Swiss franc, Swatch explained. However, the luxury downturn in China and Hong Kong also affected revenue. Discounting the region, sales were up 3.4% for the full year at constant currency rates, Swatch said. Sales in the Americas had a record year, up almost 20%, led by the US. Other markets that performed well included India, the Middle East, Mexico and Poland, each with double-digit sales growth in all price segments.
Online sales were “spectacular,” surpassing the record levels reached during the Covid-19 years, in many regions and for all brands, Swatch stated.
Sales picked up in the second half of the year, growing 4.7% at constant currency rates, and rose 7% in the fourth quarter.
“The very positive momentum in the second half of the year, and the acceleration in the last quarter, continued in January 2026 for all price segments,” Swatch added. “The group expects very positive sales and volume developments for 2026.”
Image: A Swatch brand timepiece. (Shutterstock)
