Swatch Group : Very poor H1 but hopes of major recovery in H2 may already be unrealistic
>Sharp decline in sales in H1 and losses of over CHF 300m. Hardly that surprising any more, but still - At CHF 2.197bn, H1 2020 sales declined by -43.4% on cc, which is much worse than the -37% which we had forecast and attests to a clear underperformance by the global luxury goods industry (we broadly forecast a decline of close to -30% for the soft luxury segment over the same period, with Swiss watch exports having fallen -36% over the first five months). EBIT swu...Swatch Group is active in finished watches and jewelry sector with 20 brands in all market and price brackets. In addition, Co. is engaged in the sector of watch movements and components production as well as in the electronic systems sector. Co.'s operations can be divided into two segments: Watches & Jewelry, which is engaged in the production and sale of watches and jewelry; and Electronic Systems, which is engaged in the design, production and commercialization of electronic components, sports timing activities. Co. manufactures and sells watches under the following brands, among others: Breguet, Harry Winston, Blancpain, Glashutte Original, Jaquet Droz, Leon Hatot, and Omega.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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