The strong franc cost the Swatch Group, the world’s number one watchmaker, SFr150 million ($165 million) in turnover for the first three months of 2011.
This content was published on
1 minute
swissinfo.ch and agencies
But CEO Nick Hayek says price rises are not the appropriate method of dealing with the currency problem.
“We’ve decided to raise prices moderately by four to six per cent in certain countries and with specific brands,” he told the NZZ am Sonntag newspaper, adding that a price spiral would be “counterproductive”.
Hayek also said isolated price rises would by no means make up for losses caused by the weak euro and dollar and the high cost of raw materials such as gold and diamonds.
He maintained, however, that the Biel-based Swatch Group aimed to achieve a turnover of SFr7 billion in 2011.
Founded in 1983 by Nicolas Hayek who died in 2010, the Swatch Group is made up of 19 watch brands, including Breguet, Omega, Tissot, Longines, Rado, Blancpain and Swatch.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Strong Swiss franc gives Switzerland the jitters
This content was published on
The value of the Swiss currency, most notably against the euro, is causing alarm among Swiss exporters, particularly those who sell in the eurozone. Their products are becoming increasingly expensive. Europe, and in particular Germany, are Switzerland’s largest export markets. Invited to the meeting, which is being organised by the State Secretariat for Economic Affairs…
This content was published on
Last month Swiss watch exports increased by almost 30 per cent compared with 12 months ago. What’s more, the demand for workers is also up. “The sector lost a quarter of its turnover in 2009, but only eight per cent of staff – of whom four per cent were given notice,” François Matile, head of…
This content was published on
Launched in 1983, the Swatch has gone on to become a global phenomenon. The inexpensive, classic wristwatch, produced in endless bright, snazzy designs, has even become a cult collectors’ item. Hayek, the Swatch founder who died of heart failure on June 28 at the age of 82, was known to wear several timepieces on each…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.