SniperFx

Archives

  • March 2023
  • February 2023
  • January 2023
  • September 2022
  • August 2022
  • January 2022
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019

Categories

  • Analysis
  • Bonds
  • COVID
  • Crypto
  • Forex
  • Forex Trading
  • Ideas
  • Investing
  • Stocks
  • Uncategorized
  • World
  • Home
  • Forex
  • Crypto
  • Contact
0 Likes
0 Followers
0 Followers
Subscribe
SniperFx
SniperFx
  • Bonds
  • Crypto
  • COVID
  • Forex
    • Forex Trading
  • Ideas
  • Investing
  • Stocks
  • World

Swatch Group positive about Chinese market recovery in 2023

  • admin
  • January 24, 2023
  • 2 minute read
Total
0
Shares
0
0
0

Swatch Group is positive about the China market’s recovery from the COVID-19 fallout and the return of Chinese tourists abroad, the Swiss watchmaker said on Tuesday, after it reported a strong start to 2023.

The maker of high-end Omega, Tissot and Longines timepieces as well its eponymous mass-market plastic watches said sales growth in China during January already exceeded the high levels seen in January 2022.

“Group Management anticipates strong sales growth in 2023 in all regions and segments,” the world’s biggest watchmaker said, noting that consumption had quickly recovered in Hong Kong and Macau as well as China after pandemic restrictions were lifted.

“In addition, lifting of travel restrictions in China will revitalise sales in tourist destinations. The sales growth in January in China reinforces the Group’s expectation to aim for a record year in 2023.”

The comments are the latest evidence of an improving situation in China, the world’s second biggest market for Swiss watches and a key barometer for the health of the global luxury industry.

Rival Swiss luxury group Richemont last week said it was seeing a “strong retail rebound” in China in the run-up to the Chinese New Year.

Consumption in the country dwindled last year as cities were shuttered due to the government’s strict zero-COVID policy, while Chinese tourists, who often buy watches, jewellery and other luxury goods on their travels, stayed at home.

Swatch, which in July said targeted a double digit sales increase for 2022, said its sales in China fell by 700 million Swiss francs ($761 million) during the year.

Overall sales increased by 2.5% to 7.499 billion Swiss francs or by 4.6% in constant currency terms, while net profit rose to 823 million francs from 774 million francs a year earlier.

Swatch’s sales miss was not a big surprise, given the situation in China, said Kepler Cheuvreux analyst Jon Cox.

“Swatch Group (SIX:UHR) has more exposure to China than any other European consumer company. Aiming for a record year implies over 23% sales growth, which is a pretty big call by [CEO Nick]Hayek.”

Total
0
Shares
Share 0
Tweet 0
Pin it 0
admin

Previous Article

Wipro, Angel One Turn Ex-Dividend Dividend Amount, Payment Details

  • admin
  • January 24, 2023
View Post
Next Article

California staggered by deadly back-to-back mass shootings

  • admin
  • January 24, 2023
View Post
You May Also Like
View Post
  • Stocks

Britain’s John Lewis has lost its soul, says Mary Portas

  • admin
  • March 25, 2023
View Post
  • Stocks

Citigroup CEO declares ‘this is not a credit crisis’ after U.S. bank failures

  • admin
  • March 23, 2023
View Post
  • Stocks

First Republic Bank shares climb amid report of possible government backstop

  • admin
  • March 22, 2023
View Post
  • Stocks

EU court rules Mercedes must pay damages in diesel lawsuit

  • admin
  • March 21, 2023
View Post
  • Stocks

European stocks lower; banking sector slumps after Swiss consolidation

  • admin
  • March 20, 2023
View Post
  • Stocks

Beijing may allow foreign financial firms to list in China – ex-finance minister

  • admin
  • March 18, 2023
View Post
  • Stocks

Mazda to appoint former North America head Moro as next CEO

  • admin
  • March 17, 2023
View Post
  • Stocks

VW’s Skoda in final stages of exit from Russia

  • admin
  • March 16, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Trump warns of ‘death & destruction’ if charged with a crime
  • Britain’s John Lewis has lost its soul, says Mary Portas
  • Dan Gambardello: ADA Could Spike as Cardano Hits 4M Wallets
  • USDCAD Potential downsides
  • AUDUSD drops to over one-week low, below mid-0.6600s amid broad-based USD strength

Recent Comments

No comments to show.
Featured Posts
  • 1
    Trump warns of ‘death & destruction’ if charged with a crime
    • March 25, 2023
  • 2
    Britain’s John Lewis has lost its soul, says Mary Portas
    • March 25, 2023
  • 3
    Dan Gambardello: ADA Could Spike as Cardano Hits 4M Wallets
    • March 25, 2023
  • 4
    USDCAD Potential downsides
    • March 25, 2023
  • 5
    AUDUSD drops to over one-week low, below mid-0.6600s amid broad-based USD strength
    • March 25, 2023
Recent Posts
  • EURUSD Seen at 1.05 in three months – Rabobank
    • March 25, 2023
  • NFT investor accidentally burns $135K CryptoPunk trying to borrow money
    • March 25, 2023
  • N.B. to end COVID-19 PCR testing for most people April 1, memo reveals
    • March 25, 2023
Categories
  • Analysis (8)
  • Bonds (47)
  • COVID (73)
  • Crypto (65)
  • Forex (81)
  • Forex Trading (46)
  • Ideas (46)
  • Investing (46)
  • Stocks (89)
  • Uncategorized (40)
  • World (195)
SniperFx
  • Home
  • Forex
  • Crypto
  • Contact
Forex & Crypto Updates

Input your search keywords and press Enter.