Swatch group boss Nick Hayek criticizes the “defensive” appearance of Switzerland in the customs dispute with the USA.
In an interview by the “NZZ on Sunday”, he proposes 39 percent export tariffs on gold bars towards the USA as a strong signal. “That would have been a clear and strong message to the United States.”
Operatively, the group reacts to the US tariffs with flexible price and margin control: depending on the brand, price increases of 5 to 15 percent are planned in America. “Then of course there are products that the American consumer wants to have, like the Moonswatch Moonshine Gold, which now costs $ 450 instead of $ 400,” says Hayek.
The Americans continued to buy – despite price increases. According to Hayek, sales growth in local currency in the US business in the US business at the end of August is around +15 percent. “It is booming in the USA,” he says.
China burglary is burdened by group sales
However, the group remains under the previous year, especially because of the break-in in China: “If a market breaks down by 30 percent with over 2.5 billion sales, then after Adam Riese there is immediately missing 750 million,” said the SWATCH (I) boss.
He sees demand pulses, among other things, via Canada, Mexico and Duty-Freie channels (including cruises). In China, too, there are initial recovery signals at Swatch and other brands, but the real estate market contains. With the luxury brands, Hayek admits that the need to catch up in distribution and announces significantly more shops in the USA.
No stock exchange withdrawal – focus on stakeholders
According to Hayek, an stock exchange withdrawal is not up for debate. However, he is bothered by a “certain stock market mentality”, which only the success of a company at the trade fair. Hayek emphasizes that the board of directors take into account the interests of all stakeholders – employees, partners, customers and shareholders. The latter would be involved in the company’s success through regular dividends, he emphasized.
The recently launched the Trump-Zölle “What if … Tahriffs?”-Swatch sees Hayek as a “positive provocation”. In politics there is a lot of hypocrisy and “shaking a bit” a shame, according to the Swatch CEO.
Zurich (dpa-Afx)
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