Swatch Group Returns to Profit, Sees Strong Sales Ahead

SwatchPAY! watches, usable for pay-by-the-wrist contactless payments, are seen at the shop of Swiss watch manufacturer Swatch in Zurich, Switzerland April 14, 2021. (Reuters)
SwatchPAY! watches, usable for pay-by-the-wrist contactless payments, are seen at the shop of Swiss watch manufacturer Swatch in Zurich, Switzerland April 14, 2021. (Reuters)
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Swatch Group Returns to Profit, Sees Strong Sales Ahead

SwatchPAY! watches, usable for pay-by-the-wrist contactless payments, are seen at the shop of Swiss watch manufacturer Swatch in Zurich, Switzerland April 14, 2021. (Reuters)
SwatchPAY! watches, usable for pay-by-the-wrist contactless payments, are seen at the shop of Swiss watch manufacturer Swatch in Zurich, Switzerland April 14, 2021. (Reuters)

Swiss watchmaker Swatch Group said it expected double-digit sales growth in local currencies this year after sales and profits recovered in 2021.

It returned to a net profit of 774 million Swiss francs ($845 million), from a 53 million loss in 2020, while sales at constant currency rose nearly 30% to 7.31 billion francs, the maker of Omega and Longines watches said in a statement on Tuesday.

Sales of Swiss watches recovered strongly last year from the slump caused by pandemic-related lockdowns, but Swatch Group has been losing market share to industry major Rolex and connected watches like the Apple Watch.

Its shares, which rose significantly less than peers last year, fell out of the blue-chip SMI index in September.

Peer Richemont also posted a sales jump this month thanks to its strong jewellery business amid a wider luxury goods revival.

Swatch Group's operating margin reached 14%, after 0.9% last year and 12.4% in 2019. Its Watches & Jewelry segment (excluding production) had an operating margin of 17.7% for the entire year and 18.4% in the second half.

It said its board of directors would decide on its dividend proposal at its next meeting.



It’s Met Gala Time! Get Yourself Suitable with This Guide on What to Expect

Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)
Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)
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It’s Met Gala Time! Get Yourself Suitable with This Guide on What to Expect

Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)
Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)

As springtime sunshine finally hits New York City, the Met Gala beckons — one of the most anticipated and visible parties in the world.

This year, the theme — “Tailored For You" — is focused on classic tailoring. As always, the dress code is inspired by the spring exhibit at the Costume Institute of the Metropolitan Museum of Art. “Superfine: Tailoring Black Style” is the first Met show to focus exclusively on Black designers, and the first in more than 20 years to have a menswear theme. The show looks at the evolution of Black style over the centuries through the lens of dandyism.

Here are some key things to know as fashion's biggest night approaches:

When is the Met Gala? The gala happens the first Monday in May — this year, May 5.

What exactly is the Met Gala? Not everyone knows that the gala is actually a fundraiser for the Costume Institute, the only self-funding department at the Met. Last year the evening brought in a whopping sum of more than $26 million to the museum's coffers.

Was it always this big? Definitely not. It started in 1948 as a Manhattan society midnight supper – held at various places like the Waldorf Astoria and the Rainbow Room. It took many years before it turned into a global event and one of the starriest nights of the year.

Who's hosting the 2025 Met Gala? Each year brings a new group of celebrity co-chairs. This year they are Pharrell Williams, Lewis Hamilton, Colman Domingo, and A$AP Rocky — along with Anna Wintour, the influential Vogue editor who always oversees the proceedings. NBA superstar LeBron James is honorary chair.

Who else is attending the Met Gala so far? Word on attendees trickles out slowly in the weeks leading up to the event. But this year there’s also a huge additional host committee with stars from various fields. (They don’t have specific host duties, other than showing up and, it goes without saying, looking fabulous.)

It includes athletes Simone Biles and husband Jonathan Owens, Angel Reese and Sha’Carri Richardson; filmmakers Spike Lee, Tonya Lewis Lee and Regina King; and actors Ayo Edebiri, Audra McDonald and Jeremy Pope, and musicians Doechii, Usher, Tyla, Janelle Monáe and André 3000.

Also in the group are author Chimamanda Ngozi Adichie; artists Jordan Casteel, Rashid Johnson and Kara Walker; playwrights Jeremy O. Harris and Branden Jacobs-Jenkins; and fashion figures Grace Wales Bonner, Edward Enninful, Dapper Dan and Olivier Rousteing.

Can anyone buy a ticket to the Met Gala? In a word: No. You cannot just buy a ticket. The right question is: If I were famous or powerful and got invited, how much would it cost?

If I were famous or powerful and got invited, how much would it cost? Individual tickets start at $75,000. Generally, though, companies buy tables. A fashion label, for example, would then host its desired celebrities. A table of 10 starts at $350,000 this year, as it did last year. There will be approximately 400 guests.

How strict is the dress code? The code is meant to be a guide, not a hard rule, and loose interpretation is encouraged.

How do guests spend the evening? Guests enter the museum and walk past an enormous flower arrangement in the museum’s grand lobby – always a talking point. Often there is an orchestra playing nearby. At the top of the grand staircase, Wintour and her co-hosts form a receiving line. Guests then head to view the exhibit, which is followed by dinner. The most hotly anticipated guests sometimes arrive around dessert time for maximum impact (we're looking at you, Rihanna).