Swiss family-controlled watch business Swatch reported an 8% revenue rise in 2013 to CHF8.82 billion (€7.21 billion), with operating profit buoyed by CHF400 million in compensation from its successful legal case success against Tiffany & Co.
Swatch, controlled by the Hayek family, came out on top of a bitter legal dispute with luxury jewellery company Tiffany & Co over a failed joint venture to produce and distribute Tiffany brand watches.
The Swiss watch group, which controls 20 watch brands including Breguet, Omega, Longines and Tissot, also reported an 11% rise in staff to 33,600 worldwide, including 900 in Switzerland.
The Swiss watchmaker said all brands had an auspicious start to 2014 and continued healthy growth is expected through out the year.
Second generation CEO Nick Hayek was named among CampdenFB’s Top 50 Family Business Leaders in 2013.