GradingAug 22, 2025
Former Head of GIA India Promoted to Oversee Global Operations Sriram “Ram” Natarajan is now GIA’s senior vice president of laboratory operations and is based out of the lab’s headquarters in Carlsbad.
FinancialsFeb 01, 2021
Swatch Sales Fall 29% in 2020
The watch company closed 384 stores and cut its workforce by 10 percent.
The Omega Speedmaster Moonwatch is expected to be a sales driver this year. Swatch Group’s net sales fell 29 percent in 2020. (Image courtesy of Swatch)
Biel/Bienne, Switzerland—Swatch Group posted a double-digit drop in full-year sales as the COVID-19 pandemic weighed on watch sales, leading to store closures and layoffs.
For the full year, Swatch’s net sales fell 29 percent year-over-year at constant exchange rates to 5.59 billion Swiss francs ($6.29 billion).
In the second half of the year, net sales were down 14 percent on a comparable basis, but showed improvement compared to the first half, when sales sank 43 percent.
The company has been downsizing as a result of the pandemic, closing 384 stores in 2020. However, it opened 55 stores in growing markets.
The closure of retail stores and the end of its licensing agreement with Calvin Klein led Swatch to cut 10 percent of its workforce, about 3,000 jobs. It now has approximately 32,400 employees.
December brought renewed lockdowns in important markets, including Germany and Great Britain, but monthly sales were resilient, said Swatch.
In the United States, December 2020 sales were in line with December 2019 sales, and Tissot saw its best-ever month in the U.S.
In mainland China, sales were up by double digits for both the second half and the full year.
The production sector reduced its losses compared to the first half of the year, but the situation in the second half was mixed.
Some areas that produce for third parties posted below-average capacity utilization, while other areas saw demand exceeding production capabilities.
Production bottlenecks affected several brands, including Blancpain, Omega, Longines and Tissot. In addition, a cyberattack interrupted Omega production for 10 days, leading to delivery delays and lost sales.
Production of watches, jewelry and components gradually increased over the past few months, said Swatch, but will only reach capacity again in the first half of 2021.
Online sales were strong, up 70 percent, but were not able to offset the losses in traditional retail.
And Swiss Timing, the Swatch company involved in the official timing of events like the Olympics, lost business as most major sporting events were canceled.
Looking to the year ahead, the company expects a “strong catch-up” worldwide for watches and jewelry.
Swatch pointed to the recovery in mainland China as evidence the market can improve when COVID-19 is under control.
Demand is expected to strengthen as travel restrictions ease.
The watch company has several new products on tap, including the Omega Speedmaster Moonwatch and the Longines Spirit, which are expected to be sales drivers in 2021.
The Tissot T-Touch Connect Solar is set to launch
in additional markets in 2021, including the U.S. and China.
The company’s “SwatchPay!” models, offering a contactless payment feature, have been in high demand, said Swatch.
While the watches need to be set up at a Swatch store currently, the company is working on allowing them to be configured online.
In the production sector, a new line for solar watch dials is on the way as are new technologies in the polishing sector.
The company expects to see “significantly improved” margins, noting that the year-end order book in the production sector is down only 4 percent compared with last year.
Swatch is expected to report its first-half results July 30.
The company’s “SwatchPay!” models, offering a contactless payment feature, have been in high demand, said Swatch.
While the watches need to be set up at a Swatch store currently, the company is working on allowing them to be configured online.
In the production sector, a new line for solar watch dials is on the way as are new technologies in the polishing sector.
The company expects to see “significantly improved” margins, noting that the year-end order book in the production sector is down only 4 percent compared with last year.
Swatch is expected to report its first-half results July 30.
More on Financials
The Latest
CollectionsAug 22, 2025
Piece of the Week: Retrouvaí’s ‘Diamond Vein Bond’ CollarThe one-of-a-kind collar represents the beauty of imperfection and the strength to rebuild.
MajorsAug 22, 2025
Kendra Scott Returns as CEO of Her Jewelry EmpireThree C-suite executives, including former CEO Tom Nolan, have resigned as part of what the company describes as a “transition.”
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
MajorsAug 21, 2025
Claire’s Finds Buyer, Could Save up to 950 StoresThe retailer, which recently filed Chapter 11, inked a deal to sell its North American business and intellectual property.
Weekly QuizAug 22, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsAug 21, 2025
Target Names New CEO as Sales Continue to Lag Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.
Policies & IssuesAug 21, 2025
JA, IDMA Talk Tariffs With Execs in DC The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
MajorsAug 21, 2025
Tiffany & Co. Pops Up at 2025 US OpenThe pop-up will display this year's Tiffany & Co. Singles Championship trophies along with a diamond-encrusted tennis racket and ball.
IndependentsAug 20, 2025
Bellman’s Jewelers Opens Second Store After COO's TikTok Takes OffThe New Hampshire-based store has expanded to Boston, propelled by the success of Alex Bellman’s TikTok page, “The Truthful Jeweler.”
CrimeAug 20, 2025
Another CA Jewelry Store Rammed With Car, RobbedThe latest incident happened Monday at a store in Oakland, California, continuing a pattern JSA first warned about last month.
WatchesAug 20, 2025
Oris Launches Watch Benefiting NYC Harbor Oyster RestorationThe new aqua green New York Harbor Limited Edition II is the watchmaker’s second collaboration with the Billion Oyster Project.
Events & AwardsAug 20, 2025
Take the Jewelers for Children ‘Trinity of Purpose’ ChallengeParticipants who attend any three Rings of Strength events will be awarded a special medal.
SourcingAug 19, 2025
Dubai’s Jemora Group Buys Diamond Miner LucapaThe investment company, founded by Dev Shetty, has acquired the struggling miner and its assets, including the Lulo mine in Angola.
ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry RetailSmith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ EarringsThe counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally RecognizedThe MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.
WatchesAug 19, 2025
Casio America Names New Timepiece Division ManagerCasio executive and watch enthusiast Masaki Obu is the new general manager of its U.S. timepiece division.
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on PointOriginally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the YearAllison-Kaufman has received the honor for the fourth year in a row.
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
SourcingAug 14, 2025
West Coast Orgs to Host Trading Event, Mixer in LAThe full-day sourcing and networking event, slated for Aug. 18, will be followed by the fifth annual Mega Mixer Summer Soirée.
