Swatch fire strikes entire Swiss watch industry | RetailDetail

Swatch fire strikes entire Swiss watch industry

Swatch fire strikes entire Swiss watch industry

A fire in one of Swatch Group’s factories threatens to impact the entire Swiss watch industry, as the company is an important parts supplier for its Swiss competitors.

Production back at full speed soon

About two thirds of all Swiss watches are built with Swatch parts: it has a Swiss monopoly on certain mechanisms and incidentally, a fire raged at a factory that creates these parts. CEO Nick Hayek has announced that there was only limited damage, and that within three to four weeks, full production could be resumed, but nevertheless, quite a few deliveries will be delayed.

 

Swatch has to deliver its system to competitors in Switzerland, as it has a dominant market position. It had reached an agreement in October to lower its forced deliveries to 75 % of the average of the past few years, with the goal to reach 55 % by 2015.

 

Swatch Group had a 2012 turnover of 6.5 billion euro. The first half of 2013 saw a 8.7 % increase to 3.4 billion euro, delivering a 620 million euro net profit.

 

 

 

(Translated by Gary Peeters)

Questions or comments? Please feel free to contact the editors


Higher turnover but lower profits for Sligro

19/07/2018

Dutch Sligro Food Group has had a mixed first half of the year, as turnover rose 11 % to 1,1 billion euro but net profit went down slightly from 26 million to 25 million euro.

The Belgian Chocolate House conquers city centres

19/07/2018

For the first time, The Belgian Chocolate House (the world's largest chocolate retailer, selling 1000 tonnes per year) has opened a store in a Belgian shopping street. Antwerp has had the honour of receiving the chocolate store, where products can be immediately consumed.

Carrefour Belgium launches personal shoppers with 90 minutes delivery

19/07/2018

In the intense struggle for the customers' favour, Carrefour Belgium has presented a new service - featuring personal shoppers, delivery within 90 minutes and an app that can be expanded into a market place.

JAB and Nestlé prey on Illy

18/07/2018

There is no end to the consolidations in the coffee branch: both JAB (Jacobs Douwe Egberts) and Nestlé have expressed interest in Italian coffee maker Illycaffè, but it is not sure if the family owners want to sell.

Cultured meat in stores by 2021?

18/07/2018

Commercialization of laboratory cultured meat is coming closer. Pioneer Mosa Meat has raised 7.5 million euros for the construction of a factory that will bring an affordable product to the market within three years.

Aldi commits to renewable energy

17/07/2018

Aldi Nord has published an ambitious international climate policy: the retailer wants to reduce greenhouse gas emissions by 40% by 2021 and reveals some compelling figures in its second sustainability report.