Swatch’s Luxury Watch Brands and Harry Winston Drive Sales; Margins Improve on Operating Leverage
We maintain our fair value estimate and narrow moat rating for Swatch as it delivered full-year results slightly above our forecasts (constant-currency growth 1% higher and operating profit in line with expectations). As expected, luxury brands performed strongly, driven by recovery in the Asia-Pacific region. Harry Winston jewellery also showed strength, in line with recently reported jewellery peers (Richemont, Tiffany, and LVMH all reported solid sales in their jewellery divisions in the seco...
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