Swatch boss Hayek counters criticism: “We sell watches, not stocks”

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The hustle and bustle was huge. When Swatch and Omega’s new Moonswatch was released on Tuesday, it was quickly said: “Unfortunately, it’s sold out.”

The success is promising for the otherwise under-pressured watch company. The share price has been in decline for years, a market survey by Morgan Stanley has criticized individual brands and the relationship between Swatch boss Nick Hayek and financial analysts is considered tense. The Swatch boss recently attacked investors and analysts.

Hayek said in an interview with “NZZ” that she was “telling people the truth to their faces” during a phone conference with analysts. But the annual conference didn’t get out of control.

Swatch should stay on the stock market

Hayek explains the nervous atmosphere experienced by financial analysts with a different business model. While financial analysts want to sell stocks and advise customers how to invest, Swatch’s goal is different. “We sell watches, not stocks,” he tells “NZZ.”

Still, as Hayek told “NZZ”, Swatch should remain on the stock market even if a pullback is best for the watchmaker’s long-term development. “But unfortunately, it is not possible to switch to the private sector without incurring a large debt. And we don’t like debt at all.”

Hayek does not believe the low price scares shareholders. They were going to invest in Switzerland as a business location. “At every annual media conference we announce how many new jobs we have created. “This is bad for our share price; it would be beneficial to announce austerity measures and job cuts,” says Hayek.

Management also had to purchase watches regularly

The Swatch boss also does not take kindly to the Morgan Stanley report. He tells ‘NZZ’ it is a “completely superficial exercise” with “catastrophically wrong” predictions.

However, the watch company will continue to need successes like Moonswatch in the future; Meanwhile, Hayek and management had to purchase them regularly. Additionally, there are no plans to give gifts to shareholders. “If we only give our shareholders one Snoopy, we would be doing an injustice to those who don’t.” (brother)

Source :Blick