The head of Swatch Group said Swatch and Tissot are outperforming the wider market for Swiss timepieces, with exports for the entry-level watches rising sharply last month.
Exports of Swatch brand products, driven by new releases and the continued success of the MoonSwatch collaboration with sister brand Omega, rose 61 per cent by value and 39 per cent by volume in July, chief executive Nick Hayek said in an interview.
The flagship Swatch brand’s performance contrasts with overall Swiss watch export data released on Tuesday, which saw shipments fall by 0.9 per cent in July, the first monthly contraction in over two years.
Exports of Swiss watches priced at less than 200 francs ($227), which includes most Swatch products, fell 2.6 per cent in value in July compared with the year before, the Federation of the Swiss Watch Industry reported, citing a significant drop in shipments to China.
“The lower-market segment is stronger than before,” Mr Hayek said of the company’s entry-level priced products.
He added that demand for its other Swatch models, including a new square-cased version called the ‘What If?’, are helping to drive overall brand sales up by double digits.
The chief executive said the company’s Tissot brand, best known for its PRX model, also outperformed, with July exports rising 23 per cent by volume and 36 per cent by value.
MoonSwatch - in pictures
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A seller advertises the MoonSwatch for Dh20,000 – more than 20 times the Dh950 retail price – on Dubizzle. Swatch said the range is not a special edition and that more stock would be available soon. Photo: Dubizzle -
Large queues outside The Dubai Mall’s Swatch store on Saturday morning. Photo: Vnoy Som -
Many shoppers failed to get their hands on the new watch. Photo: Vnoy Som -
A token system to manage queues appeared to have been abandoned early on. Photo: Vnoy Som -
There are 11 colours in the range, including this one. Photo: Swatch -
Online demand has been significant since the launch was announced. Photo: Swatch -
In some websites, the collaboration watch is reselling for more than Omega’s original $6,800 Speedmaster. Photo: Swatch -
There are 11 colours in the range, including this one. Photo: Swatch
