Swatch Group, the owner of luxury jewelry brand Harry Winston, saw an increase in sales across all sectors in the first half amid strong consumer demand, it said.
Group revenue climbed 15% to $4.3 billion (CHF 4.27 billion), with operating profit up 70% to $634.6 million (CHF 629 million). Net profit jumped 67% year on year to $472.2 million (CHF 468 million).
Sales of watches and jewellery — including Harry Winston — grew 15% to $4.17 billion (CHF 4.14 billion), while profit for the category soared 62% to $691.2 million (CHF 685 million). The higher sales prompted the group to increase production of jewelry and timepieces.
The Asia and North America regions showed the strongest growth in the six months ending June 30. Swatch Group expects higher sales in the second half of the fiscal year, as the company launches new collections and benefits from a higher anticipated sales volume during the period before and during the holidays.
“Consumer demand, particularly from millennials, for authentic innovative brand products is greatly increasing on a worldwide scale, regardless of region or price segment,” the company said. “Consumers want real values, not only materially but also emotionally. Increasing interest in pre-owned and vintage products favors strong, innovative and authentic brands. This is an immense opportunity for the 18 Swatch Group brands.”
News Source:- artofjewellery.com