Swatch Group in the First Half of 2026: Revenue Up, Profit Down

The Swatch Group reported strong sales growth in the first half of 2026.

Swatch Group’s sales growth in the first six months of the current year was 8.5 percent at constant exchange rates, or 2 percent at current exchange rates, compared with the same period last year, totaling CHF 3.12 billion.

However, Swatch Group’s profit continued to decline in the first half of 2026 and fell well short of market expectations. Operating profit (EBIT) fell by nearly a quarter to CHF 52 million in the first six months. Following the announcement of the half-year results on Tuesday (July 21), the stock temporarily lost more than 8 percent of its value.

Watches & Jewelry Are Growing Globally

The Watches & Jewelry segment (excluding production) reported a 9.5 percent increase in sales at constant exchange rates, driven by growth across all continents. In the U.S., sales grew by 27 percent. Nearly all European markets also performed well, including Spain (+28%) and Italy (+12%). Sales also rose in Asia and Oceania, particularly in Japan (+20%), South Korea (+12%), and Australia (+5%). Business also performed above average in growth markets such as India (+38%), Mexico (+26%), and Saudi Arabia (+41%).

Distribution Channels

The Swatch Group posted significant growth in its own boutiques. Sales rose by 18 percent at constant exchange rates, based on a comparable number of boutiques. Nearly half of the sales in the Watches & Jewelry segment are now generated through this sales channel. Online sales rose by 30 percent at constant exchange rates.

Brands

Omega achieved 20 percent growth in its own retail business at constant exchange rates. Direct sales now account for 42 percent of the brand’s total revenue. The Swatch Group attributes this, among other things, to its marketing investments—in particular, its role as the official timekeeper of the Winter Olympics in Milan and Cortina. According to the Swatch Group, Longines, Tissot, and Hamilton also posted double-digit growth rates.

Audemars Piguet x Swatch Royal Pop

Despite mixed opinions within the watch community, the Swatch Group considers the “Royal Pop” collaboration between Audemars Piguet and Swatch a success. According to the company, demand significantly exceeded supply from the very beginning. Furthermore, the launch generated more than 25 billion views on social media within a short period of time. Sales of the MoonSwatch and Scuba Fifty Fathoms models have also increased. swatchgroup.com