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Swatch denies rumors of an acquisition of Kering’s watch brands

Swatch denies rumors of an acquisition of Kering’s watch brands

When asked about rumors concerning a potential merger between the multinational and Kering’s watch brands, the Swatch Group says it is not interested. In addition, given the health situation, the group’s CEO says he is confident about the Tokyo Olympic Games.

 

Swatch Group CEO Nick Hayek has denied the latest market speculation and said he is not considering a takeover of Kering‘s watch brands. However, he said that a merger is not impossible, in case “an opportunity arises”.

 

Nick Hayek was keen to salute the “fantastic growth” of the watch brands of his group, including Longines, Omega, and Bréguet. This increase was particularly significant in the United States, with sales in April up 38% compared to the same month in 2019, which was before the Covid crisis.

 

Results were also satisfactory in China, while the recovery is still struggling in Europe due to restrictions still in place in several countries. However, recovery is visible in the UK, which reopened its shops in mid-April. The Swatch Group president was optimistic about the second half of the year, which he said should be “significantly above 2019 levels“.

 

Regarding the Tokyo Olympic Games, Nick Hayek said he is convinced that they will take place in August. The Swatch Group has a historical connection to the Games since its brand, Omega, was first appointed official timekeeper of the Olympic Games in 1932.

I am confident that the Games will take place, even if they can only be watched on television,” Hayek said. “Even if many Japanese are currently skeptical about the execution, their pride in having successfully hosted the Games under these circumstances will be more important in the end.”

See Also

 

Read also > OSCAR DAMIANI AUCTIONS HIS OWN WATCHES

 

Featured photo: © Getty Images

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