Swatch Group LTD, The in Luxury Goods - World: January 2011

Swatch Group Ltd, The in Luxury
Goods - World
January 2011
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Scope of the Report
Luxury Goods Swatch Group
Euromonitor International
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Strategic Evaluation
Market Assessment
Luxury Jewellery and Timepieces
Luxury Accessories
Super Premium Beauty and Personal Care
Brand Strategy
Operations
Recommendations
Key Company Facts

Swatch Power in Swiss Watch Making
Swatch is involved in the manufacturing of watches and
jewellery. It produces watch movements and

components , both mechanical and quartz. The Swatch
Group also produces movements and components for
third parties (private label). The Swatch Group produces
Timberland- and Mango-labelled timepieces on behalf of
those retailers. This vertically integrated company
produces all of its components and final products inhouse.
The Swatch Group also produces a range of luxury
jewellery, as well as luxury accessories including wallets.
The company is active across the price spectrum from
entry-level watches, Swatch and Flik Flak (designed for
children) to mid-range watches including Tissot, Mido, ck
(through a joint venture with Calvin Klein Inc), Certina
and Hamilton. High-end watches include Longines, Rado
and Union Glashtte.
Swatchs luxury brands include Breguet, Blancpain,
Jaquet Droz, Lon Hatot and Omega. Swatch also has
a wholly owned subsidiary, Tiffany Watch & Co Ltd,
which produces a range of luxury watches under the
Tiffany & Co brand. These watches are distributed solely
by Swatch and by Tiffany & Co and also fall within the
luxury category.
Swatch Group's founder Nicolas Hayek is largely
credited with helping the Swiss mechanical watch
industry make a comeback in the 1980s with his plastic
Swatch watch.
Swatch Group Ltd, The

Headquarters
Biel, Switzerland
Regional
involvement
Worldwide
Category
Involvement
Luxury Accessories, Luxury

Jewellery and Timepieces, Super
Premium Beauty and Personal
Care
Year End
December
Net Revenue 2010
CHF5. 1 billion
Growth in Net Sales

2008-2009
-9.4%
Swatch Stays Above Turbulent Water in Swiss Watch Making

Net sales for the Swatch Group reached CHF5.1 billion in fiscal 2009 for the year ending 31 December 2009. This
represented a decline of more than 9% over the previous fiscal year. The companys watch segment sales fell by
nearly 8%; however, this still represented a better result than the Federation of the Swiss Watch Industry, which
reported a fall in export sales of around 22% in 2009. This suggests Swatch actually gained market share during this
period in terms of Swiss watch exporters. Net income reached CHF763 million, which represented a decline of 9%
over 2008.
In the face of declining demand for its timepieces, Swatch resisted discounting in order to drive volume sales. On a
geographic basis, only Greater China continued to see growth in fiscal 2009 over 2008. Sales in this region grew by
9% in 2008-2009. In terms of the companys luxury brands, Omega performed very well in 2009 with record sales,
driven by the expansion of its retail network. Blancpain, another of Swatchs luxury brands, increased sales in the
Chinese market in 2009. Meanwhile, Breguet opened five new locations in the fiscal year, including ones in Asia and
in Russia.
Only China Continues to Grow in 2009

While only Greater China registered growth in net sales in
2009, Africa and Oceania remained stable over 2008, with

net sales of CHF48 million and CHF71 million
respectively. At the end of March 2009, the Swatch Group
made a significant investment in the African market with
the purchase of the remaining 90% of share capital of its
distribution company, headquartered in Johannesburg. It
also established its first customer service centre in Africa
here as well in fiscal 2009. In the Australian market,
Omega produced record sales and opened its second
boutique in the country in the Chadstone Shopping
Centre in Melbourne.
The new Tiffany & Co range launched through an
agreement with the jeweller Tiffanys was launched in
2009 at Baselworld. The range was first launched in the
US, Europe, China, Hong Kong, Korea, Japan and the
Middle East.
In the Chinese market, Swatch saw growth across all of
the brands it offers in the country. In 2009, Swatch
increased its stake in Hengdeli Holdings, which owns a
chain of muli-brand stores in China. Glashtte Original
opened its first flagship store at the Beijing Oriental Plaza
in 2009, while Omega launched the Constellation
collection in this market in 2009.
Asia Fuels Comeback for Swiss Watches

Net sales in the first half of fiscal 2010 grew by 22%. This growth reflected a wider turnaround for the Swiss watch-
making industry. According to the Federation of the Swiss Watch Industry, exports in value terms in October grew by
18% over the same period in 2009.
The Swiss watch industry is on track for a record year in 2011 according to the Federation, and Swatchs results are
strong evidence in support of this. Sales for Swatch have not been undermined by the strong Swiss franc. While the
Federation has pointed to some manufacturers having reduced their margins in order to drive sales, Swatch in the
first half of 2010 actually saw an increase in operating margin to 22.5% over the same period in 2009.
Much of the growth for the industry as a whole and for Swatch is driven by Asian demand. The Federations latest
forecasts suggest that this region will account for 52% of all overseas sales, up from 48% in 2009. The Chinese are
the industrys largest consumers, with Hong Kong the single largest market in terms of value sales for exports of
Swiss watches and mainland China ranking fourth behind the US and France in the month of October.
SWOT The Swatch Group

Vertically Integrated
Company
As a vertically integrated
company, the Swatch
Group has direct control
over design and production
of movements, and watch
components. It has also
extended this model to
directly operated retail
stores and distribution.
Direct Retail Model
Electronics Division
Strong Swiss Franc
By taking a direct stake in
The Groups electronic
A very strong Swiss Franc
key distributors such as

Hengdeli in China and
through its Tech Airport retail
company which operated 27
locations in airports at the
end of fiscal 2009, the
Swatch Group has more
control of its retail presence
than many other producers.
systems division saw a

decline in net sales in
fiscal 2009 of 15% at
constant exchange rates.
The division engages in
the design and production
of electronic systems and
components.
may work against Swatch

as it attempts to drive sales
in the emerging markets.
Its products will be more
expensive relative to other
watch producers based in
markets with relatively
weaker currencies.
Strengths Weaknesses
Opportunities Threats
Asian Opportunities
Tiffany & Co
Strong demand from Asian The tie-up with Tiffany &
markets should help drive

growth for Swatch.
Chinese consumers are
increasingly moving into
the luxury category in
which Swatch markets a
range of collections and
brands.
Co provides Swatch with

yet another luxury brand in
its portfolio. The launch of
the first collection in 2009
will be followed by further
roll-outs of the range into
new markets in 2010.
Relying on China to Drive

Defending its Reputation
Growth
Like many luxury producers, Like most luxury goods
Swatchs forecasts for
producers, Swatch must
future growth are closely
carefully protect the
tied to the assumption of
integrity of its brands from
rising disposable income in
the grey market in
China. Any economic
counterfeit goods. It must
shocks to this market will
also defend itself from
have a detrimental effect on
trademark and patent
the company.
infringement.
Swatch Seeks Growth Overseas

Balance Between Luxury and Standard
Vertical Integration
The Swatch Group is unlike many of its competitors,
The vertically integrated model adopted by Swatch
actively involved at all price points. This means the

company must seek balance between promoting its
luxury products and its mid-range and entry-level ranges.
The fact that Swatch is involved across the price
categories, arguably makes it more robust as a
corporate entity able to adjust to changing market
conditions. However, it must seek to create a clear
demarcation between its luxury and standard ranges in
order to prevent dilution of its luxury brand image.
makes the company able to reduce costs and increase

profit margins during good times; however, arguably
during a downturn it makes the company less flexible in
reducing capacity and responding to weaker market
demand. Its long-term investment in production facilities
and capital equipment means a higher risk of having to
leave these assets idle during economic downturns while
still having to absorb the costs of maintenance of these
assets.
Chasing the Dragon
Targets for Overseas Expansion
The Chinese market is emerging as the key factor
Other markets will also need attention from Swatch,
determining the future of the luxury timepieces category.

Mainland Chinese shoppers are increasingly dominating
Hong Kong sales of luxury timepieces, They are also
influencing the performance of the European market as
well, delaying their purchases until they are abroad and
thereby taking advantage of the stronger renminbi of
recent months. Swatch must find a way to increase its
profile among this key group. It will also face strong
competition from other producers targeting the same
group.
including the US where many luxury goods producers

retrenched somewhat in 2008-2009. Some including
Swatch have announced plans to expand in this market.
The economic recovery in this market, however, remains
fragile and there is a possibility that the type of rapid
expansion planned by Swatch may not reap the rewards
it is hoping for. Turkey is another key market for luxury
timepieces producers with strong growth in both the
mens and womens categories. Swatch must continually
seek out these opportunities.
Market Assessment
Luxury Accessories
Brand Strategy
Operations
Recommendations
10
Market Assessment
Economic Downturn Hits Premium Hard

The luxury goods market will return to growth from 2009-2010 onwards. The impact of the global economic recession
is made clear in the chart below. Premium goods depend heavily on such factors as consumer confidence. Buoyant
economic times make consumers more willing to spend larger sums of money on products which are not essential but
highly valued for the aspirational qualities. In the US market, the bursting of the property bubble in many parts of the
country has left consumers feeling vulnerable. Media reports of job redundancies make them worry about their jobs,
and personal expenditure on watches, premium spirits and super premium cosmetics become less of a priority.
Where once, consumers were happy to accumulate personal debt sustained by the belief in the robustness of the
value of their houses, and secure in their jobs, they were suddenly hit by negative reports surrounding both.
In China, however, growth is expected throughout the forecast period. Over the 2010-2015 period in Russia, following
a sharp contraction, the market for luxury goods is expected to post a CAGR of 7%, while in India, luxury goods are
predicted to grow at a CAGR of 21%.
11
Market Assessment
Swatch Focused on Luxury Jewellery and Timepieces

Luxury jewellery and timepieces is predicted to grow at a CAGR of nearly 5% over the 2010-2015 period. This
category represents almost all of Swatchs net sales in luxury goods. Within this category the company is
predominantly involved in luxury timepieces. However, it is also present in luxury jewellery with its Omega range,
which extends to jewellery as well as to timepieces. Omegas Griffes Constellation Collection of luxury jewellery
included rings, necklaces and bracelets.
Luxury accessories represents a very modest category for Swatch in luxury goods. However, it markets a range of
fine leather accessories including wallets, watch boxes and luxury bags. Luxury accessories is expected to grow at a
CAGR of more than 3% over the 2010-2015 period.
In super premium beauty and personal care, Swatchs only interest is in fragrances. In 2009, Swatch launched its first
ever fragrance with Aqua Terra Eau de Toilette pour Homme. The fragrance was available solely through Omega
boutiques.
12
Market Assessment
USA and China Key Target Markets for Swatch

Swatchs most important markets are its own domestic Swiss market and China. Luxury goods in Western Europe are
expected to grow at a CAGR of 2% over 2010-2015. Sales in Swatchs most important category luxury jewellery
and timepieces - even in Western Europe are heavily influenced by Chinese shoppers abroad. In Asia Pacific, the
CAGR is expected to reach 4%. Sales of luxury jewellery and timepieces in Western Europe and Asia Pacific are
predicted to grow at CAGRs of nearly 4% and 10% respectively.
Both China and the US are key target markets for Swatch. Swatch intends to open 50 new stores across China in the
first half of 2011. With the US dollar weaker than historic levels and with a market correction in real estate bringing
down the cost of retail locations in the US, Swatch intends to open nine new Omega boutiques there. Luxury goods
overall in North America is expected to grow at a CAGR of more than 2% over 2010-2015.
Swatch has also expanded in Eastern Europe with new boutique openings in Russia and a move to bigger
headquarters in Poland including enhanced customer service. This region is expected to post a CAGR of 7%.
13
Market Assessment
Luxury Accessories
Brand Strategy
Operations
Recommendations
14
Swatch Chooses to Go Direct in the US Market

With luxury timepieces making up the vast majority of Swatchs sales in luxury goods it is worthwhile to look at this
category in isolation. The US market is expected to post the strongest growth in the mens category. Given that
Swatch plans to open nine new Omega boutiques between autumn 2010 and spring 2011 with a further 15 locations
expected to open from spring 2011 onwards, this is good news for the company. For firms that retrenched in the US
market during the 2008-2010 period, now represents a good time to rethink future investment in this market.
Following a period of decline in this market in 2007-2008, mens luxury timepieces has posted consistent growth. The
pace of this growth is expected to pick up from 2010 onwards.
Swatch is shifting its distribution model in the US market towards direct operation. Prior to this rapid expansion, the
company operated only one stand-alone Omega store in New York, although it operated previously through 120
franchise partners. The company chose to move away from indirect distribution in order to control its brand image in
this market. Outside of the Omega brand, Swatch maintains the Tourbillon network of stores, which focuses
exclusively on Swatchs range of luxury watches. At the end of 2009, Swatch counted 18 of these retail points. They
were further enhanced by the addition of the Tiffany & Co range of watches in 2009. The chain positions itself in
premium shopping districts worldwide such as Wall Street in New York.
15
Turkey to Lead Growth in Womens Luxury Timepieces

The Turkish market also represents a very persuasive opportunity, with sales of womens luxury timepieces expected
to expand by US$139 million over the 2010-2015 period. Spain and China will follow with growth of US$68 million and
US$50 million respectively over the same period.
The influence of the Chinese on the luxury timepieces market will be the single most important factor in shaping
opportunity for companies such as Swatch. As purchasing power among the Chinese increases, with the renminbi
having appreciated in recent months and with a strong possibility of further appreciation, there is considerable
demand for luxury goods in general including luxury timepieces. For Chinese consumers, these products are seen as
investments, and high price tags act as a mark of quality rather than a deterrent. In the Turkish market, growth in
disposable income is also taking place, although on a much smaller scale.
South Korean sales of womens luxury timepieces are predicted to increase by US$42 million. In 2010, Glashtte
Original, one of Swatchs key luxury brands, entered the South Korean market for the first time. It is also testment to
the importance of the South Korean market to Swatch that it was chosen as one of the first markets for the launch of
the new Tiffany & Co watch collection in 2009.
16
Expand into Luxury Jewellery

Globally, the strongest absolute value growth in luxury jewellery and timepieces is expected in womens luxury rings.
The strongest growth in womens luxury rings will be in India, with sales expected to expand by US$397 million.
Globally, luxury jewellery is expected to grow by US$1.3 billion. As mentioned previously, jewellery is a small but
growing category for Swatch. It has entered the jewellery category through its Omega and Breguet ranges. Outside of
luxury, Swatch is active in jewellery through its ck range, which it produces through a joint venture with Calvin Klein.
Given the strong growth in luxury rings, much of which is derived from sales of wedding and engagement rings,
Swatch should ensure that through its Omega and Breguet ranges, this category is appropriately covered. Breguet
maintains four boutiques in the Indian market, which will lead growth in this category in Chennai, Mumbai, New
Delhi and Bangalore. Swatch has made a good decision in ensuring that its coverage in this market is not just limited
to the first-tier cities. Much of the growth will come from second-tier cities, where a rising class of entrepreneurs have
seen their disposable incomes grow.
17
Market Assessment
Luxury Accessories
Brand Strategy
Operations
Recommendations
18
Luxury Accessories
City Markets and Chinese Shoppers At Home and Abroad

Luxury accessories are a minor interest for Swatch. The companys key presence here is in leather goods, wallets
and luxury bags. The company does not heavily promote these products, which are available exclusively through its
international Omega flagship boutiques. The US market is predicted to lead global growth in luxury accessories over
2010-2015, with sales expanding by US$2.3 billion. Distribution of these products will increase in markets such as the
US, as part of a wider expansion plan for Omega stores in this market. At the global level, however, they are unlikely
to ever be a significant focus for the company.
One strategy which Swatch could employ if it were to choose to expand in this category would be to partner with a
well-known designer in a collaberation much as Bulgari has recently done with Matthew Williamson. Bulgari, which is
predominantly a jewellery and timepiece producer, chose to expand in luxury accessories. The attractions of the
category are numerous. High margins, low seasonality and relatively low risk in size assortment make this an
attractive revenue stream for many luxury goods producers.
The Chinese market is set to be among the top performers in luxury accessories, with sales predicted to expand by
US$319 million. Given that this market like the US will be a major focus for Swatch going forward with 50 boutique
openings over the autumn 2010-spring 2011 period, it should consider including its luxury accessories range in its
product line-up here.
19
Luxury Accessories
Consider Expanding Omega Brand into Eyewear

The strongest growth overall is expected in luxury sun glasses, with global sales expanding by US$1.9 billion over the
forecast period. Presently, Swatch is not involved in this category but should strongly consider moving into both sun
glasses and optical glasses. However, it is unlikely that any move into this category will qualify as luxury.
While Swatch has a range of luxury watch collections, its most widely recognised brand is Swatch, which would not
justify a luxury price tag. Those luxury goods producers, which have successfully moved into this category, Gucci,
Prada, Chanel, all benefit from luxury brands, which enjoy very wide consumer recognition. The Breguet or Blancpain
brands, while highly respected among luxury timepiece buyers, are not widely recognised by the general public. The
only possibility for Swatch would be to extend the Omega brand into this category, as this brand has the highest
consumer profile. Swatch has also already extended this brand into other luxury accessories categories, e.g. bags,
wallets.
Womens luxury handbags is predicted to grow by more than US$1.2 billion over 2010-2015. This is one category in
which Swatch is not involved. It does market a range of mens luxury bags under the Omega brand. As previously
suggested, in order to compete in this crowded marketplace against brands with a fashion heritage - Hermes, Chlo,
a collaberation with a well-known designer may be the best strategy.
20
Market Assessment
Luxury Accessories
Brand Strategy
Operations
Recommendations
21
Leverage Global Retail Network to Drive Fragrance Sales

Swatchs only interest in super premium beauty and personal is fragrances. Its first fragrance launch in 2009 was in
the mens fragrances category. Currently, the company has not hinted at any plans to move into womens fragrances,
although this would represent the most logical next step. Its Aqua Terra Eau de Toilette pour Homme will need to
expand distribution if it hopes to compete with other brands in mens fragrances. Swatch has not invested significantly
in promoting this product, limiting it to Omega boutiques.
Fragrances is set to see the strongest absolute growth is Russia, with sales expanding by US$68 million over 20102015. Swatch should consider expanding the availability to its entire distribution network to maximise sales. The
company has a chain of monobrand boutiques in Russia, not just under the Omega banner. It also has established a
Russian subsidiary, which gives it direct control over its retail network in this market. Swatch should ensure it makes
room for its fragrances throughout its retail network.
In the Indian market, where super premium fragrances is expected to grow by US$22 million, Swatch should leverage
its planned expansion of the mid-priced Rado watch brand, which currently has 14 monobrand stores in India. Swatch
has announced plans to open six new Rado outlets in 2011. Again, this is an opportunity to increase distribution for
Swatch fragrances.
22
Market Assessment
Luxury Accessories
Brand Strategy
Operations
Recommendations
23
Brand Strategy
Swatch Celebrities and Sporting Events in Marketing

Association with Sporting/Entertainment Events
In 2009, Swatch renewed the Omega Official Timekeeper contract with the International Olympic Committee up to
and including the 2020 Olympic Games.

Swatch invests considerably in advertising campaigns with media partners including MTV and Yahoo. It is also
particularly active in sponsoring high-profile sporting and entertainment events. It does this through its various luxury
brands. Omega in 2009, continued its title sponsorship of the European Masters and World Cup of Golf. It also
continued its long-term commitment to the Glashtte Original Music Festival Prize, marking its sixth year of
sponsoring the award giving ceremony in 2009.
Advertising Focused on Omega Brand

The Omega brand continued to highlight its unique achievement of being the only watch to have ever been worn on
the moon. At the Baselworld trade fair in 2009, Omega invited four of the 12 astronauts who participated in the first
moon landing in 1969. Furthermore, The John F. Kennedy Library Foundation allowed Omega to use the Kennedy
image in its campaign to commemorate the 40th anniversary of the moon landing. Swatch also promoted the 10th
anniversary of Omegas Co-Axial technology, using brand ambassadors such as Cindy Crawford, George Clooney,
Nicole Kidman and Michael Phelps in the advertising campaign.
In terms of brand ambassadors, Swatch frequently uses regionally well-known celebrities when launching ranges into
overseas markets. The launch of the Constellation range for Omega was supported by Cindy Crawford in London,
while the Shanghai launch featured the Chinese actress Zhang Ziyi.
Omega benefited from the most aggressive advertising among the Swatch luxury brands. Other luxury brands
including Blancpain, Breguet, Glashtte Original, Jaquet Droz and Lon Hatot focused on the launch of limited
editions, new model additions and expansion of their retail networks to drive sales.
The exception to this was the new Tiffany & Co range, launched in 2009, which was accompanied by an advertising
campaign. The collection was first unveiled at Baselworld 2009.
24
Market Assessment
Luxury Accessories
Brand Strategy
Operations
Recommendations
25
Operations
Operations
Vertical Integration
Swatch operates through three divisions - Watches & Jewellery, Production and Electronic Systems. The companys
Production division includes the manufacture of chronological watch movements and components. Electronic
Systems engages in the design and development of electronic components and systems related to watches as well
as to ultra low power consumption, miniaturisation and very high precision. The company also increasingly took direct
control over its distribution and retail network, establishing its first wholly-owned South African subsidiary, expanding
its Tech Airport retail network and increasing its stake in Chinese watch distributor/retailer Hengdeli in 2009. This
makes Swatch among the most vertically integrated of the luxury goods producers. As of 31 December 2009, Swatch
employed 23,562 people, down from 24,270 in 2008.
The Swatch Group maintains 156 production centres making it the worlds largest watch producer. As well as
producing all the models sold through its 19 brands, Swatch also supplies parts and components to other watch
makers. From 2000, the Swatch Group added new jewellery producing from design through to production through its
Dress Your Body SA (DYB) operation.
Swatch Group Assembly is the Groups watch assembly company. It operates assembly facilities in Saint-Imier and
Genestrerio, Switzerland. The former acts as a technological centre of excellence for the Swatch Group and in
particular serves the Groups luxury brands, for which it pre-assembles complex parts.
In 2010, Swatch consolidated Frdric Piguet SA, a company employing 481 people under the Blancpain brand as it
sought to increase the brands capacity for component and movements.
Investment in Production
Swatch announced in December 2010, plans to build a new production site at La Chaux-de-Fonds, Switzerland, at a
projected cost of CHF10 million. The new site will consolidate all activities of the companys watch hands subsidiary
Universo in Chaux-de-Fonds. Currently, Universo occupies three sites within the town.
26
Market Assessment
Luxury Accessories
Brand Strategy
Operations
Recommendations
27
Recommendations
Look to Expand Omega and Target the Chinese

Increase Distribution for Fragrances
Expansion into Luxury Bags Via Collaberation
In promoting its new fragrance, Swatch should look to
Swatch should consider expanding its Omega range of
leverage its rapidly expanding retail network. The

company should expand beyond its current strategy of
limiting sales of the new fragrance to its Omega
boutiques. Additionally, given that the Russian market
will outperform all others, it should look in particular for
opportunities to promote the fragrance there, both
through its own retail network and possibly through an
agreement with a distributor with a strong track record in
the beauty and personal care category.
luxury accessories to include womens bags. In order to

compete with category leaders such as Louis Vuitton,
Chlo and Hermes, it should consider collaborating with
a well-known designer to capture public interest. Bulgari,
known more for its jewellery than for its luxury
accessories is taking this route. There are significant
advantages in luxury bags, including higher margins
brought about by a lower rate of discounting and less
seasonality.
Move into Luxury Eyewear
Cater to the Chinese Shopper Abroad
With growth in luxury eyewear set to be very strong over
The Chinese market is set to be the dominant factor
the forecast period, Swatch should consider extending

the Omega brand via a licensing agreement with a
producer such as Luxottica, which has already signed on
many other fashion and jewellery brands, Bulgari, Louis
Vuitton and Ralph Lauren, to produce branded eyewear
on their behalf.
influencing sales of luxury timepieces going forward.

This not only refers to in-country sales but to the growing
influence of Chinese shoppers abroad. Swatch should
look for ways to target Chinese tourists in Europe and
the US, possibly by allowing these shoppers to buy in
advance with collections of their products in-store at
foreign locations. As Chinese purchasing power
increases, so too will the importance of this group for
luxury goods producers.
28
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Swatch Group Ltd, The in Luxury

Scope of the Report

Luxury Goods Swatch Group

Much of the information in this briefing is of a statistical

To find out more about Euromonitor International's complete

Figures in tables and analyses are calculated from

Luxury Goods Swatch Group

Luxury Goods Swatch Group

Key Company Facts

jewellery. It produces watch movements and