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Sales up for Swatch

Swatch Chairman Nicolas Hayek Keystone

Sales at Swiss watchmaker, Swatch, rose by more than 20 per cent in the first half of this year, according to Swatch chairman Nicolas Hayek.

This content was published on July 24, 2000 - 08:33

In an interview with the Swiss business newspaper "Finanz and Wirtschaft", Hayek said the Swatch group's cash flow would probably exceed 1999 levels of SFr645 million. But he would not comment on the company's first half profits.

Hayek also said he was disappointed to have lost out after Swiss group Richemont bought three top watch brands for SFr3.08 billion after a battle with LVMH, Gucci and Swatch.

"The purchase price means that all sensible investors and traders now know that our shares are worth at least double their current price on the stock exchange," said Hayek.

Asked whether Swatch was interested in buying any additional watch brands, Hayek said: "If Rolex and Patek Philippe were for sale, which they are most probably not, they would be the only brands we would even consider."

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