ZURICH : Swatch Group is positive about China market recovery from the COVID-19 fallout and the return of Chinese tourists abroad, the Swiss watchmaker said on Tuesday after it reported a 2.5 per cent increase in its 2022 sales.
The maker of high-end brands Omega, Tissot and Longines watches as well its eponymous mass-market plastic watches said its sales increased to 7.49 billion francs . The constant currencies sales jump of 4.6 per cent fell short of its goal for a double-digit increase, and was attributed to a big downturn in China during 2022, where COVID-19 lockdowns triggered a massive drop in sales.Still, the company was upbeat about a recovery in China, a key market for the luxury sector overall and Swatch Group in particular where it generates around a third of its sales, according to estimates by Zuercher Kantonalbank.