Switzerland: Swatch reports first annual loss in 40 years

 

The Swatch Group reported on Thursday that this is the first annual loss in nearly 40 years since the establishment of the Swiss watch manufacturer, as the COVID-19 pandemic has closed stores and smart watches have entered the market. 

 


The company announced an annual net loss of 53 million Swiss francs (60 million US dollars), this is the first time since 1983, this is the year Swatch Group was established in its current form, and launched the Swatch plastic watch. 

 

Due to the pandemic and political turmoil in Hong Kong, the company closed 384 stores worldwide. Analysts said that the watch industry is also late in online sales, and the industry is less hit by the crisis. 

 

For many watchmakers, the suspension of international travel has always been a big problem for the watch industry because they can no longer shop at airports or in luxury hot spots such as Paris. 

 


Competition from smartwatch competitors such as Apple is increasingly fierce, and their products count steps, calories, heart rate and connect to the Internet.  

 


Swatch Group’s sales fell by 32% in 2020 to 5.59 billion Swiss francs, lagging behind the overall decline of the Swiss watch industry by 22%. The company proposed to reduce its dividend by 37%.

Leave a Reply

Your email address will not be published. Required fields are marked *

Covid-19 Portugal Social issues

Covid: Portugal has 90.3 cases per 100K inhabitants

  According to a joint announcement by the General Administration of Health (DGS) and INSA, Portugal has 90.3 SARS-CoV-2 cases per 100,000 inhabitants, and its transmission index (Rt) is 0.84.    As stated by official data, the incidence rate was 79.1 cases per 100,000 inhabitants, and the Rt was 0.80 when analyzed in mainland Portugal […]

Read More
Greece Italy Lifestyle

Is it true that Greeks invented Pizza before Italians?

  Historical evidence shows that the Greeks ate a flat bread called πλακούς (plakous), or “flat” bread, topped with olive oil, herbs, onions, cheese, and garlic, and baked in a tandoor.    Greek pizza adapted by the Romans who naturally adopted the idea of baking speckled bread in the oven after putting the ingredients of […]

Read More
Italy Lifestyle

Sicilian town sells houses for 1 Euro

  The Sicilian town of Troina has recently put many abandoned houses on the market for 1 Euro.    Troina, an ancient city into the heart of the island, can be reached through an extraordinary territory, incredibly rich of valleys, hills and mountains, often quite unknown even by Sicilians.   The city origins refer to […]

Read More