Swatch Group AG’s 2022 earnings rose as the watchmaker’s in-house collaboration between its Omega and Swatch brands drove sales higher with more than a million MoonSwatches sold.
(Bloomberg) — Swatch Group AG’s 2022 earnings rose as the watchmaker’s in-house collaboration between its Omega and Swatch brands drove sales higher with more than a million MoonSwatches sold.
Operating profit rose 13% to 1.16 billion francs ($1.3 billion), the Biel-based company said Tuesday. Analysts expected 1.19 billion francs.
The increase underscores the rebound in demand for Swiss timepieces that gained speed during the pandemic and spurred overall exports to fresh record value levels in 2022. Swatch launched the MoonSwatch collaboration in March, causing retail chaos at its boutiques around the world as consumer clamored for a $260 plastic version of the iconic Omega Speedmaster.
“The MoonSwatch is a best seller,” the company said in the statement. Demand for the timepiece is “ongoing,” it said, “including in January.”
Swatch reported net sales of 7.5 billion francs, an increase of 4.6% compared to the previous year at constant exchange rates.
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