Swatch Group will be free to supply mechanical watch movements wherever it wants, but won’t be allowed to abuse its dominant market position by undercutting rivals’ prices, a Swiss competition watchdog said on Wednesday.
Swatch Group has reshuffled its leadership team and named new heads for several of its key brands in a change that analysts had been expecting for some time. All of the new appointments will happen on July 1.
The Trieste-based competition’s 2020 edition was originally scheduled for July 17 but, like the Hyères Fashion Festival, ITS has announced the event’s postponement, to October 23, due to the Covid-19 pandemic.
Swatch Group’s sales at its own stores in China are up by almost a quarter during April, the watchmaker’s Chief Executive Nick Hayek said, but the global situation following the coronavirus outbreak remains tough.
Swiss watch exports plunged by more than a fifth in March, the Swiss watch industry federation, FH, said Tuesday, warning it expected the situation to deteriorate further in April.Overall, Swiss watch exports fell 21.