Swatch Group AG raised prices across its brands, increasing the cost of the flagship Omega Speedmaster by about seven per cent in the UK and Europe, according to investment bank Jefferies. The price of an Omega Speedmaster automatic watch with a moonphase complication in the UK is now US$13,060 as of February 1, up 7.1 per cent compared to January last year, Jefferies analysts led by Kathryn Parker said in a report. Prices for the same model rose an average of 6.8 per cent in Italy and two per cent in the US.
Increases at Swatch brands including Omega, Longines and Tissot follow a similar move by the top Swiss watchmaker Rolex SA to boost prices by about 2.5 per cent in the UK and Europe in January. Rolex had already raised prices across the continent in the autumn, in an unusual move, to counter rising costs and currency fluctuations caused by a strong US dollar and Swiss franc against a weaker sterling and euro. Rolex usually raises prices just once a year
Swatch chief executive Nick Hayek told Bloomberg News last week that the company could hit record sales of as much as US$9.8 billion in 2023, as China reopens.
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