Swatch boss sees no need for strategy shift

Nick Hayek, CEO of Switzerland’s Swatch Group, denies his company is experiencing a crisis, despite collapsing earnings and criticism from some shareholders. The outspoken head of the world’s largest watchmaker sees no need to change his company’s strategy, calling it an “exceptional situation” that profit slid as much as 60% in the first half, which caused a steep drop in shares last week. Describing the situation as a crisis was “not only false but also exaggerated”, Hayek told French-language newspaper Le Temps on Friday. He has led Swatch since 2003, and his father is credited with rescuing Switzerland’s watchmaking industry three decades ago. Net income for the Biel-based group fell by 52% or CHF263 million ($267 million) in the first half of the year. One French expert says the Swiss watchmaking industry is in trouble: “Our turnover is certainly down 11.4% in local currencies, but we see many countries – Japan, mainland China, Thailand, ...