Swatch Out! Chariman Hayak Jr. Still Cocky (Well, and maybe he can be !)
Nicolas Hayak Jr. (Son of Swatch group founder) is optimistic (for a change). For those unfamiliar here are a few brands under the Swatch umbrella:
Breguet, Blancpain, Glashütte Original, Jaquet Droz, Léon Hatot, Omega, Longines, Rado, Union Glashütte, Tissot, Calvin Klein Watches + Jewelry, Balmain, Certina, Mido, Hamilton, Swatch, Flik Flak, Endura and Tourbillon ETA (The movement manufacturer!)
Article below copied from HERE
Hayak Sees Growth in 2012
ZURICH -(MarketWatch)- The strength of the Swiss franc is affecting profit margins at Swatch Group AG but not reducing demand for the company's watches, Swatch Chairwoman Nayla Hayek tells Swiss newspaper L'Hebdo.
"The strong franc certainly affects our margins, but it has no influence on the demand for watches," Hayek says in an interview to be published Thursday.
"I believe that with all this uncertainty in the financial markets, people do not know where to put their money. A luxury watch is something that keeps its value, it is an investment, Hayek adds.
The current increases in watch sales show there are still enough people wanting to buy Swiss watches, Hayek says.
She said she doesn't believe there will be a change to market conditions in 2012.
"The signs in the market are currently not negative," Hayek says. "Even in Europe, with some exceptions."