Nick Hayek the CEO of Swatch has launched it’s Swiss Swatch Watch. Just as the global watch market begins to pit China’s growth stunning corpuration crackdown in the rear view mirror, Apple Watches shows on the Horizon. Mr. Nick Hayek doesn’t look concerned by the iPhone maker’s arrival on his patch.
Swatch loks the most vulnerable as it carriees premium brands such as Breguet, Harry Winston and Omega, upto the half its sales are in the lower-to-mid-priced ‘masstige’ market-the onewhich Apple is aiming for.
The CEO of the company says that he is not intrested in mimicking Apple’s ‘mini moble phone on your wrist’. The design of the new Swatch Touch Smartwatch looks nately like a 1980s walkman.
Eikon data shows that Swatch is trading an 18% fprward price-earning ratio descount tp Richemont, partly an Apple Watch concerns. Swatch the swiss watch group, unveiled its riposte on March 12, announcing the a plan to put cheap programmable chips in watches that will let wearers make payments with a swipe of the watch.