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Results for The 1985 Swatch Consolidation

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The 1985 Swatch Consolidation

How Nicolas Hayek\'s ASUAG/SSIH merger (1983) and Swatch brand launch (March 1983) rescued Swiss watchmaking from the quartz crisis.

Ox-fresh: Celebrate Chinese New Year with wristworn art from Blancpain to Swatch Time+Tide
Blancpain Jan 30, 2021

Ox-fresh: Celebrate Chinese New Year with wristworn art from Blancpain to Swatch

The Swiss maisons are at it again, bringing their entire arsenal of craftsmanship to celebrate the Chinese New Year. As we all know, the Chinese market is huge and a great reason for watch brands to bring out the big guns. By big guns, however, we really mean the opposite here, as tiny instruments and … ContinuedThe post Ox-fresh: Celebrate Chinese New Year with wristworn art from Blancpain to Swatch appeared first on Time+Tide Watches.

Business News: Swatch Group Posts Full-Year Loss SJX Watches
Longines Jan 28, 2021

Business News: Swatch Group Posts Full-Year Loss

From a robust profit of CHF748m the year prior, Swatch Group ended 2020 with a net loss of CHF53m – the first in decades for the Swiss watch conglomerate that owns brands like Omega, Longines, and Tissot. This reversal of fortune was attributed to the COVID-19 pandemic, which forced many of its retail stores to close while putting a halt to international travel. On an operating level, Swatch Group eked out a tiny CHF52m profit – compared to CHF1.02 billion the year before. The year’s results were mitigated by an improvement in the second half of 2020, with sales in the second half of the year rose 54.7% compared to the previous six months, as economic activity resumed in Asia with pandemic restrictions lifted, particularly in China, which experience double-digit growth for the full year. And the Swatch Group also had to face a virus of the digital kind in the second half of the year. Reported in information-technology news but not in the mainstream press, the group suffered a cyber attack in September, leading to a mention of “a 10-day production interruption” at Omega in the results announcement. Hit harder than most With jewellery selling better than luxury watches, fellow Swiss rival Richemont was buoyed by its pair of jewellery brands that helped plug the hole caused by its faltering watch division. Although Swatch Group owns American jeweller Harry Winston, the bulk of its revenue is generated by watches and watch components. Net sales fell to CHF5.59 bil...

VIDEO: The remarkable bang for buck of the Baume & Mercier Clifton Baumatic Automatic COSC and Day Date Moon Phase Time+Tide
Longines represents Dec 4, 2020

VIDEO: The remarkable bang for buck of the Baume & Mercier Clifton Baumatic Automatic COSC and Day Date Moon Phase

As a brand, Baume & Mercier presents a lot of benefits to its consumers. They have established themselves as a luxury watch manufacturer that aims to present some of the best builds for the best dollar. It would be fair to say that what Longines represents to the Swatch Group is what Baume & Mercier … ContinuedThe post VIDEO: The remarkable bang for buck of the Baume & Mercier Clifton Baumatic Automatic COSC and Day Date Moon Phase appeared first on Time+Tide Watches.

Bernhard Lederer Debuts the Central Impulse Chronometer Prototype SJX Watches
Aug 25, 2020

Bernhard Lederer Debuts the Central Impulse Chronometer Prototype

A member of the Académie Horlogère des Créateurs Indépendants (AHCI) since its founding in 1985, Bernhard Lederer is a veteran of independent watchmaking. Though known amongst collectors for having founded the brand BLU in 2002, Mr Lederer is more of a watchmaker’s watchmaker, supplying movements and complications via his company MHM (short for “Manufacture de Haute Horlogerie et Micromécanique”). Born in Germany but based in Switzerland for decades, Mr Lederer’s technical prowess is on full view with his latest creation – the Central Impulse Chronometer (CIC). Seemingly a mere three-hand wristwatch on the front, the CIC is a actually a significant accomplishment – and undoubtedly one of the most notable watches of 2020 from a technical perspective. The movement is equipped with a natural escapements as well as dual gear trains. The construction is familiar – Mr Lederer describes it as a tribute to the late George Daniels and his landmark Space Traveller pocket watch – but improved and refined with the addition a remontoir d’egalité constant force mechanism for each going train. Initial thoughts With seemingly everything already having been done in watchmaking, it is not often that we encounter a genuinely interesting – and improved – twist to an already uncommon escapement. Here Mr Lederer rejuvenates the centuries-old idea of the natural escapement, but elevated by the added complexity and performance gains of twin remontoir going tr...

INTRODUCING: BAPE x Swatch 2020, a Big Bold 47mm statement watch Time+Tide
Swatch Jul 31, 2020

INTRODUCING: BAPE x Swatch 2020, a Big Bold 47mm statement watch

Streetwear fans rejoice, Swatch and BAPE (A Bathing Ape for those not in the know) are back with another big and bold collection. As far as #details go, this watch comes fully loaded. Taking up where last year’s collaboration left off, this new collection is a colourful collision of styles. BAPE brings the disruptive and … ContinuedThe post INTRODUCING: BAPE x Swatch 2020, a Big Bold 47mm statement watch appeared first on Time+Tide Watches.

Business News: Swatch Group Sales Plunge on Pandemic Closures SJX Watches
Longines had Jul 14, 2020

Business News: Swatch Group Sales Plunge on Pandemic Closures

Swiss watchmaking conglomerate Swatch Group just announced its half-year 2020 results and unsurprisingly, it took a huge hit due to the COVID-19 pandemic. Although the group, which owns brands like Omega and Longines, had a good start in January with an operating margin of 17.3% – with the watch and jewellery brands performing a bit better than movement- and component-production division – the lockdown progressively imposed across the world since February severely impacted sales, leading to a steep declines in revenue and half-year operating loss, a first for the group. Group sales for the first half plunged 43.4% at constant exchange rates from a year earlier, resulting in an operating loss of CHF327m, compared to a profit of CHF547m for the same period in 2019. Most of the drop in sales was attributed to the lockdowns in most countries, resulting in widespread store closures. The Swatch Group saw up to 80% of both its own boutiques and third-party retailers close, meaning it had to rely on partially “partially feasible” e-commerce. And even after lockdowns were lifted, the group permanently vacated some of its retail space, as evidenced by disputes with its former landlord in Hong Kong, which has sued the Swatch Group for several million in allegedly unpaid rent. Due to its swiftly-streamlining retail network, the group’s employee count was trimmed by 6.5% since December 2019 to approximately 33,700 employees. This was also confirmed by anecdotal evidence fro...

Will Coronavirus, and a recession, shorten that waiting list you’re still on? An economics professor and a former Swatch Group MD weigh in… Time+Tide
Swatch Jun 3, 2020

Will Coronavirus, and a recession, shorten that waiting list you’re still on? An economics professor and a former Swatch Group MD weigh in…

Entire nations forced under lockdown, airlines teetering on the brink of collapse, fistfights erupting over rolls of toilet paper … Coronavirus has rocked the planet and God knows what life will be like when ‘normality’ resumes. It’s unlikely to be normal as we knew it, that’s for sure. In such desperate times, it may seem … ContinuedThe post Will Coronavirus, and a recession, shorten that waiting list you’re still on? An economics professor and a former Swatch Group MD weigh in… appeared first on Time+Tide Watches.

Cartier Introduces the Pasha de Cartier SJX Watches
Audemars Piguet Royal Oak Apr 24, 2020

Cartier Introduces the Pasha de Cartier

As it does every couple of years, or decades, Cartier reintroduces one of its iconic wristwatches, this time the Pasha de Cartier. Launched in 1985 and a big hit in the decade after, the Pasha was Cartier’s original round-case bestseller, long before the Ballon Bleu. Three decades on, the new Pasha makes its debut once again at Watches & Wonders 2020 as a full-fledged collection with models for both men and women, from time-only to skeleton tourbillon, as well as diamond-set versions. Variants of the new Pasha 41 mm for men Mysterious origins Despite having a round case – Cartier is most famous for its shaped watches like the Tank and Santos – the Pasha is amongst the most historically-important Cartier timepieces, apparently. Legend has it that Cartier first created a water-resistant watch in 1934 for the fabulously wealthy Pasha of Marrakesh, Thami El Glaoui, who wanted a watch he could wear while swimming. The result was one of the first-ever luxury-sports watches. While the Parisian jeweller no doubt made a watch to fulfil the Pasha’s request, it was most likely a rectangular Tank Etanche, rather than anything resembling today’s Pasha watch. Inspired by that tale, the modern-day Pasha was born in 1985, penned by the hand of Gerald Genta, the prolific designer whose heyday in the 1970s and 1980s saw him create a string of hits, ranging from the Audemars Piguet Royal Oak to the Bulgari Bulgari. Genta’s creations were often avant-garde in their day, and his...

Swatch or Patek, what would you wear if you were President? USA vs Australian Presidents and PMs decide… Time+Tide
Swatch Apr 4, 2020

Swatch or Patek, what would you wear if you were President? USA vs Australian Presidents and PMs decide…

It’s a surprisingly vexed question. You get voted into office as a Prime Minister or President, and suddenly the public’s attention turns to your wrist. Do you continue to wear the watches you’ve worked so hard to acquire? Or do you suddenly downgrade your wrist to what you were wearing when you were in short … ContinuedThe post Swatch or Patek, what would you wear if you were President? USA vs Australian Presidents and PMs decide… appeared first on Time+Tide Watches.

What are these Swatch X 007 watches I’m seeing and can I still buy them? Time+Tide
Swatch Feb 26, 2020

What are these Swatch X 007 watches I’m seeing and can I still buy them?

Swatch just dropped their latest James Bond collaboration – the Swatch X 007 Tribute Collection – and the big question on everyone’s lips is … can you still buy these exclusive models? And the answer is: sort of. A quick peruse of Swatch Australia’s ecommerce page shows that some models are still available, while others … ContinuedThe post What are these Swatch X 007 watches I’m seeing and can I still buy them? appeared first on Time+Tide Watches.

Business News: Swatch Group Takes Legal Action Against COMCO SJX Watches
Hamilton According Feb 13, 2020

Business News: Swatch Group Takes Legal Action Against COMCO

Just before the new year, Swiss competition regulator COMCO, also known by its German acronym Weko, announced a provisional suspension of ETA’s right to sell movements to third-party brands. Once the dominant supplier of mechanical movements in Switzerland, ETA and its parent Swatch Group have been embroiled in a decades-long dispute with COMCO over the movement maker’s allegedly anticompetitive practices. Now the dispute between Switzerland’s largest watchmaking group and COMCO has taken a fresh turn with the Swatch Group filing a complaint with the Swiss federal court on January 20, demanding a repeal of COMCO’s decision to suspend sales, a move first reported by Swiss newspaper Neue Zürcher Zeitung (NZZ). An example of an ETA movement with upgraded features that ETA only supplies to sister brands; seen here inside a Hamilton According to the competition agency, the suspension of sales is meant to further weaken ETA’s market power as a major movement supplier, while allowing space for other movement suppliers to ramp up production and build their order books. The suspension remains in force until summer 2020, when COMCO will reach a final verdict on ETA’s rights and obligations. COMCO did allow a narrow exception to the ban, allowing ETA to sell its movements to small- and medium-sized watch brands that are existing clients. But the exception came a stipulation: Swatch Group has to treat all clients equally, which means selling movements to one small brand...

Oddballs: 5 of the quirkiest watches released in 2019 Time+Tide
Feb 12, 2020

Oddballs: 5 of the quirkiest watches released in 2019

While a great many of the best watches unveiled in 2019 were vintage-inspired homages, there were also plenty of timepieces released that were resolutely modern and quite eccentric. And while we’d like to mention all of them, we’ve narrowed it down to these, the five quirkiest watches released in 2019: SWATCH FLYMAGIC The Flymagic is … ContinuedThe post Oddballs: 5 of the quirkiest watches released in 2019 appeared first on Time+Tide Watches.

Business News: Swatch Group Annual Profit Falls with Hong Kong Slowdown SJX Watches
Longines just announced Jan 30, 2020

Business News: Swatch Group Annual Profit Falls with Hong Kong Slowdown

Hong Kong’s political unrest has resulted in the first fall in annual profits at the Swatch Group since 2018. The world’s biggest watchmaking group, which owns brands like Omega and Longines, just announced its 2019 results, showing declines in both sales and profits. Net profit fell 13.7%, while sales declined 1.8% at constant exchange rates, or 2.7% at current rates, to 8.24 billion francs. The drops in profit and sales were primarily due to a drastic contraction of its business in Hong Kong – a city with a population of just 7.4 million – where Swatch Group owns over 90 retail stores, largely catering to shoppers from the China. Sales in Hong Kong for the second half of 2019 fell by 200 million francs. While Hong Kong was the key driver of the decline, it was not the only one. The luxury watch business in general is suffering from anaemic growth, which is also evidenced by the watch division results at diversified luxury groups like LVMH and Kering. On a more positive note, Swatch Group has managed to fulfil its stated aims of reducing operating expenditure and thinning inventory. Operating expenses dipped about 6%, while operating cash flow rose 30% in 2019. And after several consecutive years of growth, the group’s inventories declined by 1% in 2019, to a still-substantial 6.85 billion francs at cost. It’ll be a slow 2020… With Swatch Group predicting the situation in Hong Kong will continue to be “challenging” in 2020, it is in a weaker positio...

Swatch Inaugurates New Headquarters in Biel SJX Watches
Longines Oct 19, 2019

Swatch Inaugurates New Headquarters in Biel

A long snaking building that stretches some 240m, the new Swatch headquarters in Biel, or Bienne in French, is the culmination of five years of work. Selling about 9.5m watches a year for about 450m Swiss francs of revenue, according to Swiss bank Vontobel, Swatch was the foundational company of its parent, the aptly named Swatch Group, which also owns Omega and Longines. Like many of its parent company’s recent projects, the Swatch building was designed by Japanese architect Shigeru Ban, the 2014 Pritzker Prize winner who is best known for his works of wood or paper, as well as his temporary structures for humanitarian aid. Its new home is covered in a honeycomb timber grid that incorporates windows, nine balconies and solar panels. Visible from the inside is the Swatch logo, derived from the Swiss cross, incorporated into some of the grid’s cells. And hidden within the structure is a network of wires and cables for telecommunications, electricity and the like. The Swatch headquarters, with the Omega building at the far left The Swatch building ends in La Cite du Temps, which sits in front of the Omega factory and headquarters Shigeru Ban, Nayla Hayek, and Nick Hayek Jr at the opening ceremony on October 3, 2019 The glass-walled Swatch store in front of the new headquarters With the new headquarters in the background Light, flexible and sustainable, the timber beams used for the outer structure number some 4,600, all precisely cut to fit with join with each other per...

The New Omega Museum is Open SJX Watches
Omega Museum Oct 14, 2019

The New Omega Museum is Open

Located around the corner from its old premises, the Omega Museum has just reopened within La Cité du Temps – “The City of Time” – an impressive glass and wood building designed by Japanese architect Shigeru Ban, who has worked with the brand on several projects, including its new factory. Connected to the new Swatch brand headquarters via an aerial bridge, La Cité du Temps sits just behind Omega’s main building in Biel, a city about 90 minutes from Zurich by train. Appropriately, it is on a street named after Nicolas G. Hayek, founder of the Swatch Group, the Swiss watchmaking conglomerate that’s Omega’s parent company. La Cite du Temps, the horizontal building in the middle La Cite du Temps at right While the original museum was opened in 1983, making it the oldest watch brand museum in the world, the new museum sits on the second level of the five-story La Cité du Temps, with the Swatch Museum one floor above and another floor dedicated to temporary exhibitions. The new premises give the Omega Museum an expansive space to detail the watchmaker’s long and diverse history on a scale that was impossible in the museum’s former home, which it shared with the company canteen. The 64-window display that’s built like the links of a steel watch bracelet Each of the key themes in Omega history are captured in comprehensive exhibits, including being the official timekeeper for the Olympic Games, the Speedmaster Professional and the Moon landing – ...

Business News: Richemont and Swatch Results; Massive Inventories at Swatch SJX Watches
Vacheron Constantin saw overall sales dip Jul 18, 2019

Business News: Richemont and Swatch Results; Massive Inventories at Swatch

Swiss watchmaking groups Richemont and Swatch Group just announced their first quarter and six-month results for 2019 respectively, with each going in opposite directions. Owner of brands like Cartier, IWC and Panerai, Richemont saw growth across most segments and regions. Overall sales were up 12% at constant exchange rates, with every region growing in the low teens save for the Middle East and Africa. Sales in Asia grew 10%, led by China, where demand is up due to lower taxes locally on luxury goods and more stringent checks on travellers importing items bought overseas. Most notable was the performance of its online channels, namely luxury fashion mall Yoox Net-a-Porter (YNAP), pre-owned watch merchant Watchfinder, and to a lesser extent. That growth is from a low base of comparison: last year’s first quarter for each platform was only two and one month respectively. That being said, online sales are still substantial, rising to 50% to €648m, almost equal to the €698m of sales in the Americas as a whole. The group’s watchmaking brands, which include A. Lange & Söhne and Vacheron Constantin, saw overall sales dip 2%. This was attributed to a reduction in the number of sales channels as well as reduced orders of new product by retailers. Up in Biel, where the Swatch Group has its headquarters, half-year sales were down 3.7% at constant exchange rates, to 4.07 billion Swiss francs. Net profit followed suit, shrinking 11.3% to 415m francs. For the full year, howe...

HANDS-ON: A winning package at a winning price – the Mido Multifort Patrimony Time+Tide
Mido May 21, 2019

HANDS-ON: A winning package at a winning price – the Mido Multifort Patrimony

Mido is one of those strange beasts in modern watchmaking – a largely under-the-radar brand that’s also owned by one of the largest corporations in the business (the Swatch Group). Already this is a good place to start, as the former factor means you can get some unexpected and unusual design choices, paired with the … ContinuedThe post HANDS-ON: A winning package at a winning price – the Mido Multifort Patrimony appeared first on Time+Tide Watches.