Slower growth possible for Swatch, CEO says | RetailDetail

Slower growth possible for Swatch, CEO says

Slower growth possible for Swatch, CEO says

Swatch has revealed it will probably not reach the double-digit turnover growth it had forecast before, mainly because of adverse exchange rates, says CEO Nick Hayek.

"Double-digit revenue growth is illusion"

Between 350 million Swiss francs (287 million euro) and 500 million Swiss francs (411 million euro) will apparently be lost because of exchange rates, according to Nick Hayek in a Business of Fashion interview. In January, he had expected Swatch to achieve a double-digit revenue growth if Chinese sales proved to be good.


"It's an illusion to think double-digit revenue growth can be reached with this currency situation. If the situation remains the way it is, you can forget about double-digit revenue growth at actual rates for anyone in the Swiss watch industry", the CEO said. Growth between 5 and 10 % for the sector could be possible, but it will "probably be closer to 5 percent".


Swatch's 2013 gross turnover grew 8.3 % in 2013, its slowest growth in 4 years. It has also lost 100 million Swiss francs (82 million euro) in the second part of last year because of negative exchange rates.

Questions or comments? Please feel free to contact the editors

CEO Peter Somers wants to take RetailDetail to the next level


RetailDetail has a new CEO: e-commerce entrepreneur and former bpost board member Peter Somers has major growth ambitions for the company.

"Protectionism makes everyone poorer" (Christian Verschueren, EuroCommerce)


Trade wars and discrimination within the single market create growing pressures on retailers in Europe. EuroCommerce Director-General Christian Verschueren is concerned, but looks forward confidently to the future.

Belgian online turnover surpasses 10 billion euro


Online commerce is becoming increasingly popular, in Belgium as well. Online turnover in the country rose to 10.05 billion euro last year, reaching the ten billion milestone for the first time. However, there is still a lot of growth potential online.

Claire’s files for bankruptcy


American chain Claire’s has now officially filed for bankruptcy, although it only relates to the company’s American division.

Amazon looks for additional cuts with manufacturers


Amazon wants to cut costs and that is why it will charge manufacturers with logistical fees more quickly. Up until now, the American online retailer often took it upon itself, but that move no longer seems profitable.

Amazon targets Toys 'R' Us stores


Amazon is apparently interested in several of bankrupt Toys ‘R’ Us’ stores, because their locations and stores would fit Amazon’s own retail formulas.

Back to top