Switch Group snaps up New Bond Street property

Watch manufacturer Swatch Group has announced the acquisition of a property on London’s New Bond Street in a transaction worth 90 million Swiss francs (81.2 million pounds).

The location houses a salon for the group’s owned brand Harry Winston, which had initially launched a store there in 2006, and had later reopened in 2016 following a nine-month renovation. The store currently offers a collection of fine jewellery and timepieces.

The building spans 562 square metres over five floors, expanding on the group’s already acquired 1,347 square metres of property on Old Bond Street, worth around 120 million Swiss francs (108 million pounds).

Swatch Group is currently experiencing a period of sales growth, reporting in July that in the first half of the year, net sales increased 18 percent to 4.019 million Swiss francs.

The company further stated that for the second half of the year, it was forecasting excellent growth opportunities in local currencies in all regions and price segments.

It relayed plans to introduce more “innovative” products, particularly within the lower and mid-range segments.