Swatch Group reports net sales are up 3.6 per cent for the first half of 2015 despite an overvalued Swiss franc.
The company says retail sales increased in most regions—Japan and other Asian countries, along with the Middle East, recorded more than 10 per cent growth. Retail business in the United States was also up, particularly for the Swatch brand, which quintupled its sales of mechanical watches.
“The financial and currency shock of January 15 caused by the Swiss National Bank (SNB) created an imbalance in sales prices compared to Switzerland, particularly in euro countries,” the company said in a press release.
“Calculated in euros, group net sales grew by 18.7 per cent. Despite this extraordinary situation, the group will maintain its long-term strategy of defensive price adjustment policy over short-term profit.”
Swatch Group says the outlook for the second half of the year looks positive with the launch of Omega’s new James Bond edition, the introduction of the Omega Master Co-Axial with Swiss Federal Institute of Metrology (METAS) certification, the Swatch Touch Zero One, and the Swatch Near Field Communication (NFC) as a contact-free means of payment.