Swatch Group recorded CHF 3,059 million in net sales in the six months ended June 30, 2025. Sales fell 7.1% at constant exchange rates on a comparable basis, while the decline at current exchange rates was 10.4%. Profit fell much more sharply: operating profit was CHF 68 million and net income was CHF 17 million. The company published the results on July 17, 2025.
What does “sales down 7%” mean?
The 7.1% figure is a comparable, constant-currency measure, not the reported-rate change. At current exchange rates, net sales declined 10.4%, including a negative currency impact of CHF 113 million. The comparable calculation excludes the Rivoli Group eyewear business transferred at the end of 2024. Swatch Group’s half-year results announcement reports both comparisons.
How much did Swatch Group profit decline in H1 2025?
The decline in profitability was considerably steeper than the decline in sales. Swatch Group’s consolidated figures show operating profit of CHF 68 million, down from CHF 204 million in the first half of 2024. Operating margin fell to 2.2% from 5.9%. Net income was CHF 17 million, compared with CHF 147 million, and net margin was 0.6% versus 4.3%. Operating cash flow moved in the opposite direction, rising to CHF 180 million from CHF 90 million.
Why did Swatch Group sales fall in the first half of 2025?
Swatch Group management said in its July 17 announcement that “The decline in sales is exclusively attributable to China (including Hong Kong SAR and Macau SAR).” This is the company’s explanation for the result. The release also said other regions reached the record years of 2023 and 2024 in local currencies.
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Greater China declines affected both wholesale and retail
The Federation of the Swiss Watch Industry FH’s August 14 account gives more detail for Watches & Jewellery. It reported that Greater China wholesale fell by more than 30%, partly amid third-party store closures, while the group’s own retail business in the region declined 15%. Greater China’s share of group sales had fallen from 33% to 24% over the preceding 18 months. FH also pointed to weak consumption in China, Hong Kong SAR and Macau SAR, alongside weaker Southeast Asian markets that depend on Chinese tourists. FH’s first-half report provides this regional and business-scope context.
Other markets grew, but not uniformly across brands
FH reported double-digit growth in the United States, Mexico and Canada, sales growth above 20% in India, Japan at its record 2024 level, and strong development in the Middle East and Australia. It also reported double-digit growth in group e-commerce. Separately, Swatch Group said Omega, Longines, Rado, Tissot, Hamilton and Swatch each increased sales by 10% to 30% in the United States. Those brand figures apply to the U.S. market; they do not establish that every brand grew in every region.
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How did the business segments perform?
Watches & Jewellery remained profitable excluding Production
Watches & Jewellery recorded a 10.1% operating margin when Production is excluded, rising to 13.5% in the second quarter. This is a segment measure and should not be confused with the group’s 2.2% consolidated operating margin.
Production was hurt by low orders and maintained capacity
Production recorded a strongly negative operating result. Management said it deliberately maintained Swiss production capacity and jobs despite low orders. FH described low orders from both third parties and group brands, and reported that there was no short-time working. Vertical integration can amplify losses when sales are weak because production capacity remains in place, while giving the group greater benefit when demand rises.
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Electronic Systems grew
Electronic Systems sales increased 20.3% at constant exchange rates, according to FH, which cited positions in healthcare, mobility, battery management systems and miniaturized Bluetooth. FH also reported that inventories were CHF 221 million, or 2.9%, lower than at December 2024, primarily reflecting finished Watches & Jewellery products. Swatch Group had 31,852 employees at the end of June, 1.9% fewer than at December 2024. These figures describe other parts of the business and do not change the consolidated profit results.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened after the first-half results?
In July 2025, Swatch Group expected an improved Greater China market environment in the second half and a recovery in orders as Chinese retailer inventories declined. That was an outlook, not a reported outcome.
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The company’s January 30, 2026 Key Figures 2025 release reported full-year net sales of CHF 6,280 million, down 1.3% at constant exchange rates and 5.9% at current rates. It reported constant-currency sales growth of 4.7% in the second half and global sales growth of 7.2% in the fourth quarter. The second half therefore improved relative to H1, though those figures alone do not confirm that every element of the earlier China outlook was met.
In its July 21, 2026 half-year report, Swatch Group described strong sales growth and market-share gains across price segments and continents, supported by portfolio launches and retail efficiency. The cited summary does not provide detailed figures for that description.
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