It’s the time of year when businesses announce their financial performance. Following Richemont and LVMH, Swatch Group has just released its 2024 results. In a challenging environment for the watch industry, the sales of Swatch Group – the Swiss powerhouse and owner of Omega, Longines or Tissot – were CHF 6,735 million, down 12.2% at constant exchange rates and 14.6% at current rates. The operating profit came in at CHF 304 million versus CHF 1,191 million in 2023.After reaching records in 2023, the luxury watch market is facing a slowdown as Swiss watch exports are expected to be down by about 3% over 2024, impacted by the challenging situation in China. In this difficult environment, Swatch Group sales have been impacted. In this context, Swatch Group's revenues and profits are down; the press release mentions a persistently difficult market situation and weak demand for consumer goods overall in China (including Hong Kong SAR and Macau SAR), and on the other hand, positive evolutions in the USA, Japan, India and the Middle East.Swatch Group also reports that the prestige brands Breguet and Blancpain were particularly affected by the challenging market environment. Harry Winston and Omega, on the other hand, performed well, as did the brands in the medium price segments with Rado, Longines and Tissot. Ad - Scroll to continue with article In view of a more positive trend in December, the Group expects more positive evolutions for 2025.For more details, please visit www.swatchgroup.com.