Swiss watchmaker Swatch Group is taking a 'massive' hit from the outbr...
ZURICH - Swiss watchmaker Swatch Group is taking a “massive” hit from the outbreak of the novel coronavirus that sharply affected business in major market China, Chief Executive Nick Hayek said in a Sunday newspaper interview.
“But we are seeing fewer problems on the supply chain side because Swatch Group produces a lot by itself in Switzerland,” he added. “I don’t see a crisis for the Swiss watch industry. On the contrary,” he was quoted as saying, noting actual sales were more important than export data. Unrest amid pro-democracy protests in Hong Kong was having a notable effect, but Tissot sales in the United States and Japan were up by around a third last year versus 2015, he noted.
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