Swatch Group is positive about the China market's recovery from the COVID-19 fallout and the return of Chinese tourists abroad, the Swiss watchmaker said on Tuesday, after it reported a strong start to 2023.
A logo of Swiss watch maker Swatch Group is pictured on a store in Geneva, Switzerland, May 31, 2022. REUTERS/Denis Balibouseis positive about the China market's recovery from the COVID-19 fallout and the return of Chinese tourists abroad, the Swiss watchmaker said on Tuesday, after it reported a strong start to 2023.
"Group Management anticipates strong sales growth in 2023 in all regions and segments," the world's biggest watchmaker said, noting that consumption had quickly recovered in Hong Kong and Macau as well as China after pandemic restrictions were lifted. The comments are the latest evidence of an improving situation in China, the world's second biggest market for Swiss watches and a key barometer for the health of the global luxury industry.said it was seeing a "strong retail rebound" in China in the run-up to the Chinese New Year.
Swatch, which in July said targeted a double digit sales increase for 2022, said its sales in China fell by 700 million Swiss francs during the year.
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