Omega, Rolex watch demand soars as Swatch sees possible record

Omega, Rolex watch demand soars as Swatch sees possible record

Omega producer Swatch Group AG and the UK’s biggest retailer of Rolex watches signaled the appetite for Swiss timepieces remains healthy even as prices go higher.

Swatch shares rose as much as 6.9 percent as Chief Executive Officer Nick Hayek said revenue may reach a record this year helped by demand in China and the US.

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Separately, Watches of Switzerland Group Plc shares gained as much as 12 percent after the UK timepiece seller said demand for luxury timepieces is still solid despite price increases by some of the biggest brands.

Demand for lower-priced timepieces in Asia and the US remains strong, Hayek said in an interview. He added that China’s return has yet to reach full strength. First-half earnings exceeded pre-pandemic levels for the first time.

Swiss watch exports have continued to increase in 2023 after reaching a record of more than 24 billion francs ($27.8 billion) last year. The reports assuaged concern that demand for luxury goods in the US might be waning. Swiss watch exports to that market dipped in April.

“What is really impressive is the United States as well as Europe across all price segments,” Hayek said.

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