Swatch issues complaint about market analysis

The Swatch Group has taken issue with a recent market analysis, publishing an open letter criticising the authors of the report.

Swatch Group has issued an open letter questioning the recent Ninth Annual Swiss Watcher report by Morgan Stanley Investment Management (MSIM).

The letter criticised the report for lacking rigour, using unverified data, and presenting inaccurate estimates that contradict publicly available information. It further argued that such reports do not serve clients' best interests.

The company stated that the report's figures for its brands are highly inaccurate.

"Actual turnover figures deviate on average by 24 per cent from those presented in the research," the group said.

"The inaccuracies are even more pronounced for unit sales, with an average deviation of 39 per cent."

Ten brands, including Longines, Swatch, Hamilton, Blancpain, and Breguet, were supposedly incorrectly reported to have experienced a turnover decline of 15 per cent or more in 2025.

The report allegedly incorrectly claimed that all of Swatch Group's top five brands posted sales declines in 2025, listing Omega down eight per cent, Longines down 18 per cent, Tissot down five per cent, and Swatch down 10 per cent. Swatch Group refuted these figures, noting that Tissot, for example, recorded growth.

The company stated that the research compounded its flawed methodology by incorporating excessive detail and unwarranted precision. Certain statements were considered sufficiently serious to pose a risk of reputational damage and may warrant legal action.