ZURICH (Reuters) – Swiss watchmaker Swatch Group (UHR.S) 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.
FILE PHOTO: CEO and Chairman of the Board of the Swatch Group Nick Hayek attends the Swiss watchmaker’s annual news conference in Biel, Switzerland March 14, 2019. REUTERS/Denis Balibouse/File Photo
“Given our very strong market position in China, of course we are massively hit by the temporary closing of hundreds of stores,” he told Swiss newspaper SonntagsZeitung.
“But we are seeing fewer problems on the supply chain side because Swatch Group produces a lot by itself in Switzerland,” he added.
“We are a basically solid group without debt and not infected by the virus of stock market short-termism. This situation as well will get better despite all the prophets of doom.”
Hayek dismissed suggestions that the Swiss watch…
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