X-Insights

O2O Social Commerce for
Watch and Jewellery Market

Dec, 2019,
by X Social Group - HO, Michele

Leading Watch Group in Hong Kong.

Products of brands held by Swatch Group amounted to approximately 35.8% of the luxury watch market in Hong Kong in 2019. Shaken by the social movement causing a turbulence in sales in Hong Kong, the net profit of Swatch Group dropped 11.3% in the first half of 2019 (Reuters, July 2019), disregarding growth in other major markets including the Mainland, Japan and the United States, covering the most affordable plastic Swatch watches to the high-end Breguet brand. Taking a retrospective look into July 2014 when the Chief Executive Nick Hayek told South China Morning Post that he was ‘concerned about the pro-democracy protesters clashing with police’ which led to an 11.5% fall in the first half of 2014(South China Morning Post, 23 July 2014). It is a solid proof that being the world’s largest watchmaker, Swatch Group endured market turbulences and is able to secure its market position in Hong Kong all along. Ultimately, Hong Kong is regarded by the group as ‘an important sales market with attractive margins’ (Financial Times, July 17 2019).

 

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