Swatch CEO Nick Hayek has raised concerns over the challenges facing the company in the Chinese market, noting that consumers are showing hesitation in the face of increased prices. In an interview with Neue Zuercher Zeitung, Hayek highlighted the lingering impact of price hikes, suggesting that the Chinese market may pose difficulties until the year’s end.
Despite acknowledging the significant potential in China, Hayek observed a trend of prolonged consumer deliberation before making purchases. He attributed this cautious approach to heightened price sensitivity stemming from substantial price escalations in various sectors.
Swatch, known for its high-end brands such as Omega, Tissot, and Longines, alongside its popular plastic models, faces questions about its future trajectory. When asked about the possibility of delisting the firm, Hayek expressed a preference for long-term development but cited the infeasibility of going private without accumulating significant debt—an option the company wishes to avoid.
Regarding leadership succession, Hayek addressed speculation about his nephew, Marc Hayek, potentially assuming the CEO role. While acknowledging Marc’s dedication, passion, and alignment with Swatch’s corporate culture, Hayek emphasized that the decision to lead the company ultimately rests with Marc, ruling out any imposition from himself or his sister, Nayla, who chairs Swatch.
