BOOMING demand for mid-priced watches in China is more than offsetting a slight cooling at the top end of the market, Swatch Group said yesterday as it stuck to a forecast for record annual sales.
The world’s largest watchmaker, whose Omega brand is the official timekeeper for the London Olympics, reported first-half sales up 14 per cent to SFr3.85bn (£2.5bn), while net income rose 25 per cent to SFr720m, beating analyst expectations.
Asia-Pacific, led by China, is the fastest-growing luxury market but a slowdown in the Chinese economy has slightly dampened demand for ultra-pricey timepieces there, Swatch said.
“We see a slowdown in the very high end. But if we talk about slowdown, it’s relatively healthy,” chief executive Nick Hayek said.
City A.M. Reporter