For more than 2 years now, the watchmaking industry is facing a “crisis” or at least, sales and profits are lower than in the 2000s, the golden era of modern watchmaking. After Richemont announced massive shakeups and rather bad results, it’s now time for Swatch Group to make public the results for the year 2016… and they’re not good. Sales are decreasing over 10% (compared to 2015), operating result plunges of close to 45% and the net income is almost half of what it has been in 2015 (which was already not the best year the industry has seen).
