With several new watches already laying their stake as contenders for ‘best watch of 2024’ we’ve hardly had time to look back at the last year in watch-making. However, one thing’s for sure, the OMEGA x Swatch ‘MoonSwatch’ remained the most popular timepiece in circulation.
Released back on the 22nd of March 2022, it’s managed to stay uber-relevant and continues to overshadow the brand’s Blancpain Fifty Fathoms collaboration. However, until Morgan Stanley’s annual report on the state of the Swiss watch industry hit our inboxes, we couldn’t quantify just how significant this release has been to the Swatch Group and its entry-level Swatch brand. Suffice it to say, it’s significant.
According to the report, Swatch’s turnover rose by 63 per cent last year to CHF 660 million (AUD$1.148 Billion). In other words, sales have tripled since 2021 when it generated CHF 214 million (AUD$372.3 Million).
This helped the Swatch Group as a whole with sales increasing by 5.4 per cent last year. It held onto its place as one of the fastest-growing watch brands, only beaten by privately owned independents and Rolex/Tudor whose sales increased sales by 8 per cent. For reference, Richemont’s sales rose by 3.7 per cent and LVMH’s dropped by 3 per cent.
RELATED: Swatch x OMEGA MoonSwatch review: our honest thoughts after buying one.
As we expected, there’s been a flow-on effect for OMEGA sales, and while Morgan Stanley can’t pinpoint exactly what references are most popular, overall sales rose by 5 per cent in 2023. They also found that the brand is responsible for 39 per cent of Swatch Group sales and 60 per cent of profits.
Back to the MoonSwatch because we can’t overstate just how important this watch has been to the group.
There was never-before-seen consumer outrage when they fumbled the release of the watches, telling our publication that they would be available online, before reverting to an in-store-only release policy at the 11th hour. However, it’s the smartest decision they could’ve made in the long run.
People lined up every Saturday at Swatch boutiques around the world with the hope that they would be able to get their hands on one of the sought-after colours. Then slowly, they became increasingly more available. And as we found when we went to purchase a MoonSwatch for review, they’ve never been easier to acquire.
Of course, the brand has squeezed the orange as much as possible and they’re certainly nowhere as desirable as they once were, but as we noted, they’re a great watch to buy at retail pricing.
It will be an interesting year ahead for the OMEGA x MoonSwatch and we look forward to seeing exactly what’s in store. Early predictions? We wouldn’t be surprised if they dropped a white-dial MoonSwatch around Watches and Wonders that references their Lacquered White Dial OMEGA Speedmaster which was released in early March.
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