Swatch Group Dropped from Swiss Leader Index After Sharp Market Decline

Swatch Group Dropped from Swiss Leader Index After Sharp Market Decline

Zurich (November 8, 2025) — Switzerland’s iconic watchmaker Swatch Group AG is set to be removed from the country’s benchmark Swiss Leader Index (SLI), according to an announcement from the SIX Swiss Exchange. The decision follows a steady decline in Swatch’s market capitalization and trading volumes, which have fallen below the minimum threshold for inclusion.

Swatch Group — parent company of luxury brands such as Omega, Tissot, Longines, and Blancpain — has struggled with weak global demand, particularly in China, which has weighed heavily on its profitability. As of November 2025, the company’s market value stands at around 8.66 billion Swiss francs, while trading volumes have dropped by nearly one-third over the past year.

The Swiss Leader Index tracks the 30 largest and most liquid companies listed on the Swiss Exchange. The index committee confirmed that Swatch will be officially removed on December 22, 2025, as part of an extraordinary adjustment outside its usual annual review.

Replacing Swatch in the index will be Helvetia Baloise Holding, a newly formed insurance group created through the merger of Helvetia Insurance and Baloise Holding. According to the exchange, Helvetia Baloise met all criteria for inclusion, supported by robust market capitalization and consistent share-trading volumes.

Analysts view Swatch’s exit as a symbolic setback for Switzerland’s traditional watchmaking industry. They note that a strong Swiss franc, sluggish Chinese demand, and rising competition from smartwatches have eroded Swatch’s momentum in recent years.

“This removal signals how shifting global consumer trends and currency pressures are reshaping Switzerland’s equity landscape,” one Zurich-based market analyst said.

Key Takeaways

Swatch Group’s removal reflects falling investor confidence and weak global sales.

Helvetia Baloise Holding to replace Swatch on the SLI effective December 22, 2025.

Index-tracking funds may rebalance portfolios, adding short-term pressure on Swatch shares.

Industry experts say Swatch must modernize marketing and product strategy to stay competitive in the evolving luxury market.

In short, Swatch’s exit from the SLI is more than a technical index change — it marks a turning point for Swiss watchmaking, as the country’s traditional craftsmanship faces new realities in a rapidly shifting global economy.