Swatch Group reports first loss in 40 years

The Swiss manufacturer of watches and jewellery Swatch Group has reported a net loss of 53 million Swiss francs for 2020, the company's first annual loss since 1983.

"For 2021, the Group sees a good chance that sales in local currencies will approach those of 2019, with significantly improved margins," the company said, adding that the group anticipated "a strong catch-up in consumption worldwide for watches and jewelry in 2021, as has already been observed in mainland China after normalization of the health situation."