Nicolas Hayek predicted it during the BaselWorld and as so often: all indications are that he was right. The recently deceased boss of the Swatch Group expected that 2010 would be the best year in the history of the group.
For the first time the Swatch group sold for more than three billion Swiss franks, viz. CHF 3,031 billion., 2% more than in the same period of the previous record year 2008 and 22.2% more than in 2009, the year the Credit Crisis struck. Very likely the cap of 6 billion franks will be crossed this year.
This results shows that the Swatch Group strengthened its position even further, because the total Swiss watch industry saw its sales increasing less, with 19.7% (compared to 2009).
The net result of the group increased even more, with 54.5% to 465 million franks. Moreover, the results of July indicate continued growth in all market segments and regions.
It should be noted, however, that the economic recovery may be fragile. Although the posts in the Swiss watch industry with reduced working hours have decreased from 3406 to 2170 in one month, most Swiss producers of movements and components have not profited of the recent upsurge in watch sales. The companies of the Swatch Group that are active in this field, have also seen their sales drop with 5.1% to 761 million franks.
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