Swatch published better-than-expected profitability for FY21 and an encouraging outlook for FY22, despite a very slight miss at the top line for FY21. As we repeatedly mentioned, the pandemic has accelerated the industry transformation to a higher own retail sales model with specialised e-commerce mushrooming, which has accelerated the margin progression. Following the strong year-end trading performance, the group now sees double-digit sales growth in FY22.