ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
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
Editors' Picks
Sponsored by
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
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
Weekly QuizMay 14, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
SourcingMay 15, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
TrendsMay 13, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
ColumnistsMay 12, 2026
It’s Official: We’re Getting ‘Brain Rot’ From Watching Short-Form Videos Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.
CollectionsMay 12, 2026
Jessica McCormack Debuts Antique Coin-Inspired Medallions for SummerThe 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.
IndependentsMay 12, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsMay 12, 2026
The Tiffany & Co. x CFDA Jewelry Designer Award Is BackThe partners have announced the second cycle of the program, which has expanded to include a $25,000 student scholarship.
IndependentsMay 11, 2026
Kansas Jeweler Closing After 70 YearsThe owners of Staats Jewelers are heading into retirement.
TrendsMay 11, 2026
Former Macy’s CEO Joins Signet Jewelers BoardJeffrey Gennette, who retired in 2024 after 41 years with Macy’s, is the newest member of the jewelry retailer’s board of directors.
TrendsMay 11, 2026
Amanda’s Style File: Lucky May May babies are lucky to have emeralds, a gemstone admired for centuries, as their birthstone, writes Amanda Gizzi.
TechnologyMay 11, 2026
Clientbook’s New Tool Helps Jewelers Plan In-Store EventsThe new module allows retailers to plan, promote, and measure the success of events from a single dashboard.
Lab-GrownMay 08, 2026
NDC Publicly Criticizes Pandora Over ‘Misleading’ Natural Diamond ClaimsNDC said in an open letter that Pandora’s statements about the carbon footprint of lab grown versus natural diamonds are inaccurate.
