Swatch CEO says no changes to long-term strategy after SNB shock -paper

ZURICH - Swatch Group will not change its long-term strategy in response to the Swiss National Bank's decision to end its currency cap against the euro, the watchmaker's chief executive said in a newspaper interview published on Sunday.

Asked by SonntagsBlick newspaper if the SNB's move had changed Swatch's strategy, Chief Executive Nick Hayek said: "No, absolutely nothing changes about our long-term, successful strategy."

A representative for Swatch was not immediately available to confirm Hayek's comments.

Following the SNB's move to end the currency cap - a decision Hayek described at the time as a "tsunami" for the Alpine country and its economy - the currency has gained as much as 40 per cent against the euro.

Watchmakers are expected to be among the hardest hit since, under new legislation, at least 60 per cent of the value of industrial products, including watches, has to be manufactured in Switzerland to carry the coveted "Swiss Made" label.

Hayek also said Swatch's planned new smartwatch would be launched in two countries, one large and one small, without elaborating further.

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