Swatch boss credits ‘fantastic’ China

Nick Hayek made the comments in an interview with CNBC news. Photo credit – Swatch

Swatch boss credits ‘fantastic’ China

The boss of iconic watch brand Swatch has heaped praise upon the Chinese government and Chinese customers in a wide-ranging interview with US broadcaster CNBC.

The discussion with CNBC’s Geoff Cutmore can be read in full here.

Cutmore asks Swatch boss, Nick Hayek, whether President Xi Jinping’s high profile crackdown on corruption had had an impact on sales.

Hayek praised the policy, saying:

Ah you’re way behind. You know what Xi Jinping did? It is very good. Corruption is always bad and it’s always bad for the middle class and we need the middle class to grow. And that was important.

In the interview, Hayek also credited the ‘fantastic Chinese consumer’ with having boosted Swatch:

…when you talk about the fantastic Chinese consumer, 1.3 billion people, the middle class. The politics over there have done the right things, they create a middle class. That’s what we need, a middle class that can really consume. And that’s what’s happening and continues. But there was never a Chinese consumer that disappeared. He was always there.

Swatch was founded by Hayek in the 1980s and its name stands for ”second watch” – indicating that its products are designed to be fashionable and accessible accessory products.

Rupert Reid

Pilot and Senior Broadcast Journalist at Panda Radio. You can find him on Twitter @rupertreid