Quote of Note | Swatch Group CEO Nick Hayek

“We need competition that invests also in research and development, and in the production, because otherwise the industry is dying. It’s in the interest of the Swiss industrial landscape to have many of the competitors invest. Some of them do. Rolex has an industrial approach. This is also true of Richemont. And then you have others who spend a lot of money just on marketing, they buy big companies for billions, they claim they’re the biggest watchmakers, but they make zero investment to really build up the base of their products. They produce neither the movements, nor the dials, hands, or cases. They just create billboards.”

Nick Hayek, CEO of Swatch Group, in a Q&A with WWD