Swatch Group has published an open letter on its website criticizing the recent “Ninth Annual Swiss Watcher” report from financial services firm Morgan Stanley.
The research report lacked rigor, relied on unverified data, and contained inaccurate estimates and statements, “even when publicly available information contradicts them,” the timepiece company wrote.
“As far as our brands are concerned, the figures in the research are highly inaccurate,” Swatch Group said. This included statements such as “10 brands experienced a contraction of their turnover of 15% or more in 2025: Longines, Swatch, Hamilton, Blancpain and Breguet.”
Regarding Swatch Group, the report stated that “all of the group’s top five brands posted a sales contraction in 2025,” the watchmaker continued. “Later, in the same paragraph, the turnover decline for individual brands is specified: Omega -8%, Longines -18%, Tissot -5%, Swatch -10%. These statements are far from reality. Just as an example: Tissot grew by 3%.”
Swatch observed that Morgan Stanley Investment Management (MSIM) stated in its most recent Public Side Code of Ethics and Personal Trading Guidelines, filed with the SEC, that it had a duty to act fairly and in the best interests of its clients at all times.
Some of the statements in the research are so potentially damaging to consumer and retailer trust that “legal action should be considered,” Swatch said.
Image: A Swatch store in Switzerland. (Shutterstock)