“My clear objective is to pass two billion in turnover in 2025,” says Longines CEO Matthias Breschan in a recent interview with GQ magazine.
He is speaking about two billion Swiss francs, which is around $2.2 billion.
If he succeeds, Mr Breschan is likely to be presiding over the third largest Swiss watchmaker inside five years, behind only Rolex and Swatch Group stablemate Omega, and leapfrogging Patek Philippe if it fails to grow sales from around CHF 1.5 billion in 2019.
Virtually all Swiss watchmakers suffered a drop in production and sales last year because of the pandemic, but Longines still notched sales of CHF 1.15 billion, according to investment bank Morgan Stanley in its annual report on the state of the Swiss watch industry.
Longines will hope to be back to 2019 levels this year, when the brand turnover topped CHF 1.6 billion according to the same Morgan Stanley report, making the target of CHF 2 billion by 2025 look less ambitious.
Mr Breschan says Longines will continue to operate in a price range from around $1,500 to $4,000, with Omega a step above on the price ladder and Tissot a rung below.
The aim will be to: “Bring in the best value to price ratio in our price range”.