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Watches & Gadgets

Swatch CEO Nick Hayek Sees Swiss Watch Turnaround in 2017

  • Omega owner sees local-currency sales growth of as much as 10%
  • Shares advance 2.5% in Zurich, reversing earlier decline
A Swatch Group AG Watch Store As Swiss National Bank Abandons Franc Currency Cap
Photographer: Chris Ratcliffe/Bloomberg
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Swatch Group AG Chief Executive Officer Nick Hayek forecast a return to sales growth in 2017, and analysts said this time he may be right as demand for Swiss watches rebounds in mainland China, one of the industry’s main markets.

Revenue will rise 7 percent to 10 percent in local currencies, Hayek said in an interview, adding that growth depends heavily on exchange rates. The CEO’s forecast was off in the past two years: he had predicted increases and then sales declined.