Swatch boss – demand boom in the USA and China

Zurich (Reuters) – The head of the Swiss watch company Swatch expects a boom in demand after the end of the pandemic-related travel restrictions.

“Who knows how long it will take before people can travel again,” said Nick Hayek of the “Neue Zürcher Zeitung” (Wednesday edition). “But the boom will come, and in some countries like China and, surprisingly, the US, it’s already here.” Sales in the USA are currently around ten percent above the level of 2019 when there was still tourism.

Hayek rejected the company’s withdrawal from the stock market: “If we wanted to take the Swatch Group off the stock exchange, we would have to take on a minimum of ten to twelve billion francs in debt. That is a no-go.”

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