On January 24, the Swiss watchmaking giant Swatch Group announced key financial data for the 2022 fiscal year. Net sales rose 2.5% to CHF 7,499 million (4.6% at constant exchange rates), below the Group’s double-digit growth target. The main reason is that the sales in China have dropped by over CHF 700 million due to the Covid lockdowns. However, total sales in all regions except China rose 25% in local currency. Net profit rose to CHF 823 million in 2022 from CHF 774 million.
Still, the company was upbeat about a recovery in China, a key market for the luxury sector overall an …