Swatch posts 20% profit rise on Tiffany compensation
Wednesday 05 February 2014
The world's biggest watchmaker, Swatch, stretched its lead over the rest of the industry today, generating record sales last year and seeing an "auspicious" start to 2014.
Despite currency headwinds as investors looking for safe havens drove up the value of the Swiss franc, the firm posted sales of 8.82 billion SwFr (£5.6 billion) in 2013, up more than 8 per cent.
This growth was more than four times faster than the 1.8 per cent rise in exports seen by the Swiss watch industry overall, “generating a significant increase in market share”.
The sales momentum has continued into January with all Swatch’s brands — including the pricey Omega sported by Daniel Craig’s James Bond — starting well, Swatch said.
Profits fared even better, topping forecasts with a 20 per cent rise to 1.92 billion SwFr (£1.33 billion), boosted by a payment of 402 million SwFr in damages from US jeweller Tiffany.
Tiffany warned on profits in December after a court ruled in Swatch’s favour over a failed joint venture struck in 2007 to make watches together under the Tiffany brand.
The Chinese market is also expected to recover this year after a government crackdown on bribery “gifts”. Swatch fared better than rivals as its Tissot and Longines brands still sell well to China’s rising middle classes.
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 2 Emma Watson on Jennifer Lawrence naked photo leak: 'Even worse than seeing women's privacy violated is reading the comments'
- 3 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Perez Hilton apologises for publishing Jennifer Lawrence naked 4Chan photos
Jennifer Lawrence 'nude photo hacker' claims there are hundreds more celebrity images to come
Victoria Justice on naked photo leak: 'Let me nip this in the bud right now – pun intended'
Ariana Grande nude photos leak: Pictures are completely fake, say representatives
Saudis risk new Muslim division with proposal to move Mohamed’s tomb
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain
iJobs Money & Business
£55000 - £65000 per annum: Harrington Starr: A Global Financial Service Organi...
£60000 - £70000 per annum: Harrington Starr: A prestigious leading professiona...
£40000 - £50000 per annum: Harrington Starr: A Global Financial Service Organi...
£50000 - £70000 per annum: Harrington Starr: One of the global leaders in prov...