Excluding the new acquisition of Harry Winston incremental business, which means that this year's Swatch Group's existing business will grow by about 5% over last year. (Swatch Group sold 8.143 billion Swiss francs last year, up 14% over the same period.)
From December last year to May this year, the Swiss watch exports to mainland China have fallen for six consecutive months.
Reuters quoted a report by the Swiss weekly Zurich said Hayek admitted that in the Chinese market dominated by the Swatch Group, top-grade watch sales in the first five months of this year were significantly affected due to the slowdown in economic growth and the crackdown on official gift giving. However, the markets in Japan, the United States and Russia are still strong. Some high, medium and low grade watch brands under the Swatch Group are still enjoying double-digit growth.
Swatch Group owns both luxury brands such as Omega and Breguet as well as medium and low-end brands such as Tissot, Longines and Swatch, which are less affected by the economy and policy than the Swiss Richemont Group, which is dominated by luxury brands.
Hayek pointed out in particular that since June this year, the situation in China's luxury market has started to turn better.
He said Harry Winston, a luxury diamond brand acquired this year, will "quickly" achieve the goal of annual sales of 1 billion Swiss francs (about 1.04 billion U.S. dollars) (Harry Winston last year had sales of 430 million U.S. dollars).
(1 U.S. dollar = 0.9616 Swiss francs)
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