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Swatch Group: The Factory Drag Is Becoming The Earnings Engine

Swatch Group is positioned for margin recovery as volumes normalize, leveraging its retained infrastructure and vertically integrated model. Recent product collaborations like Royal Pop and MoonSwatch are driving strong customer acquisition and boosting both direct retail and online sales. Operating margins in Watches & Jewelry improved to 15% in May-June 2026, with incremental volumes expected to yield higher group…

Seeking Alpha • Aug 11, 2026

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