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Swatch Group’s Chief Executive Officer, Nick Hayek, expressed concerns about the Chinese market, citing consumer hesitation over higher prices.
In an interview with Neue Zuercher Zeitung, Hayek highlighted the impact of increased price sensitivity among Chinese consumers, predicting a challenging market environment until the end of the year.
Potential vs. Price Sensitivity:
While acknowledging China’s significant potential, Hayek emphasized that consumers are delaying purchases due to perceived price escalations in various sectors. Despite the market’s difficulties, Hayek remains optimistic about China’s long-term prospects.
Corporate Structure Considerations:
Responding to questions about Swatch Group’s corporate structure, Hayek addressed the possibility of delisting the company.
While acknowledging potential benefits for long-term development, Hayek expressed reluctance due to concerns about incurring significant debt, reflecting the company’s aversion to leverage.
Succession Planning:
Regarding potential leadership succession within Swatch Group, Hayek discussed the role of his nephew, Marc Hayek, in the company.
While recognizing Marc’s commitment and contributions, Hayek emphasized that any decision regarding leadership succession would be left to Marc’s discretion, underscoring the company’s commitment to maintaining its corporate culture and values.
Family Dynamics and Leadership:
Hayek’s comments shed light on the familial dynamics within Swatch Group, with his sister, Nayla Hayek, serving as the company’s chair.
Hayek affirmed that decisions regarding leadership and succession would be made with consideration for the individual’s aspirations and priorities, rather than imposed mandates from the family.
