×
1 340
Fashion Jobs
ESTÉE LAUDER
Operations Support Manager
Permanent · Petersfield
ESTÉE LAUDER
jo Malone London - Omnichannel Operations Manager
Permanent · London
ESTÉE LAUDER
Multi-Brand - Business Manager, 37.5 Hours - Oxford - John Lewis
Permanent · Oxford
V. F. CORPORATION
Key Account Manager
Permanent · LONDON
ESTÉE LAUDER
Clinique - Consultant - Boots Bath - 28 Hours - Permanent
Permanent · Bath
CONVERSE
Strategic Account Executive
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots Covent Garden, London - 20 Hours - Permanent
Permanent · London
SHISEIDO
National Account Manager
Permanent · London
TIMBERLAND
Credit Controller - French Speaking - Timberland
Permanent · CALVERTON
ESTÉE LAUDER
Clinique - Consultant - Boots Donegall, Belfast - 15 Hours - Permanent
Permanent · Belfast
ESTÉE LAUDER
Clinique - Consultant - Boots Sedley Place, London - 10 Hours - Permanent
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Stratford, London - 10 Hours - Permanent
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots Durham - 6 Hours - Permanent
Permanent · Durham
ESTÉE LAUDER
Clinique - Consultant - Boots Londonderry - 11 Hours - Permanent
Permanent · Londonderry
ESTÉE LAUDER
Clinique - Consultant - Boots Kensington, London - 22.5 Hours - Permanent
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots Donegall, Belfast - 10 Hours - Permanent
Permanent · Belfast
BRAND STABLE LTD
Wholesale Sales Executive
Permanent · LONDON
LAIDBACK LONDON
Digital Marketing Manager
Permanent · HARROW
MARSHALLS
70118-lp Detective
Permanent · Banning
ESTÉE LAUDER
Clinique - Consultant - Boots, Watford - 22.5 Hours - Part Time, Permanent
Permanent · Watford
ESTÉE LAUDER
Tom Ford Beauty - Digital Marketing Executive
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Edinburgh - 6 Hours - Permanent
Permanent · Edinburgh
Advertisements
By
Reuters
Translated by
Robin Driver
Published
Jan 28, 2021
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Swatch posts first loss in almost 40 years due to pandemic

By
Reuters
Translated by
Robin Driver
Published
Jan 28, 2021

Swatch Group announced its first annual loss since starting business almost 40 years ago on Thursday, as the coronavirus pandemic continues to negatively affect demand in the luxury sector. 


Swatch Group announced its first loss in almost 40 years on Thursday - Photo d'archives/REUTERS/Arnd Wiegmann


The Swiss watchmaker reported a net loss of 53 million Swiss francs ($59.7 million) in fiscal 2020, its first loss since 1983, the year in which the Swatch Group was founded in its current form and launched its plastic Swatch watch. 

Covid-19-related restrictions, which imposed temporary store closures and considerably reduced international travel, pulled down the revenues of the Biel/Bienne-based company, which also sells Tissot, Longines and Omega watches. 

Similarly to other watchmakers, Swatch Group was also affected by the political troubles in Hong Kong, which significantly reduced the number of Chinese tourists visiting the region over the course of the year. 

Unlike Richemont, which was able to compensate for a decline in its watch sales thanks to strong demand for jewelry over the holiday period, Swatch Group has no jewelry operations to fall back on. Furthermore, the company's low-end Swatch and Tissot brands are vulnerable to competition from smartwatches made by the likes of Apple. 

© Thomson Reuters 2021 All rights reserved.