Supplier BulletinJul 03, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
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
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New AmbassadorThe 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.
MajorsJul 03, 2025
Muse Sets Up Shop in Nordstrom’s New Jewelry HallThe West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingJul 03, 2025
SRK Announces Its Natural Diamonds Are Now Carbon-NegativeThis past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.
Weekly QuizJul 02, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 03, 2025
Piece of the Week: A Firework of Diamonds From YepremThe brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.
CrimeJul 03, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
MajorsJul 02, 2025
Boucheron Looks to LA for First West Coast FlagshipLocated on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.
MajorsJul 02, 2025
Marco Bicego Opens Milan FlagshipThe new location continues the brand’s celebration of its 25th anniversary.
WatchesJul 02, 2025
Chrono24 Revamps Brand, Launches New CampaignThe online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.
SourcingJul 02, 2025
Bernadette Mack Joins Gem Legacy as Executive DirectorShe will oversee strategic planning, fundraising, industry partnerships, and the launch of the Gem Legacy Campus in Tanzania.
CrimeJul 02, 2025
Pandora, Amazon Partner to Uncover Counterfeit Jewelry NetworkWorking with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.
MajorsJul 01, 2025
Cast Closes Business, Plans for RelaunchThe jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship ProgramThe company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73He is remembered for his successful entrepreneurship, generosity, and dedication to his family.
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report SaysThe jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.
TrendsJul 01, 2025
Amanda’s Style File: Red Hot RubiesWelcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.
ColumnistsJun 30, 2025
The Smart Lab: Why Q3 Is the Secret Weapon For Holiday Jewelry SalesThe best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education ScholarshipThis year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry“The Jewelry Book” comes out this September.
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
IndependentsJun 27, 2025
David Webb Announces New Hires, PromotionsFollowing its recent acquisition, the storied brand has updated its leadership team and regional managers.
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
