Swatch Group, the iconic family-controlled watchmaker, announced record half-year results yesterday both in terms of sales and profits.
This news will be welcomed by new family chairman Nayla Hayek (pictured), who was elected to the position in June following the unexpected death of her father, Swatch founder Nicolas Hayek. (Continue reading here)
According to the company statement yesterday, Nayla's unanimous election so soon after her father's death "shows the group, when faced with exceptional circumstances, acts with strong leadership – quick, calm and long term."
Swatch announced an 81% year-on-year increase in operating profit to SFr626 million and revenues in watches and jewellery that exceeded the previous record half-year in 2008 by 10%. Gross revenues exceeded the SFr3 billion mark for the first time.
Swatch said watches and jewellery experienced "exceptionally strong growth" while July sales figures continued to be positive. The Swiss-based group said it expects the strong growth trend to continue throughout the rest of 2010 and it will continue expanding its more successful retail activities, such as opening new luxury boutiques for its hand-made Breguet brand in Zurich.
The success at Swatch, whose luxury brands include Omega, Tiffany & Co and Longines, further illustrates the rebound of luxury products in the first half of 2010 and follows strong results from the world's leading luxury group, LVMH, last week and Hermes the week before. (Continue reading here)
Nayla's younger brother, Nick Jr, has been Swatch Group chief executive since 2003. The family controls the company through its 41% share of the group's voting rights.
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