“It is surprising to observe that practically nobody in the Swiss watch industry has moved since the discussion started more than ten years ago,” said Nick Hayek, CEO of Swatch Group, Bienne, Switzerland.
“Especially in the light of Swatch Sistem51 with which Swatch Group has proven that it is possible to create and industrialize a new mechanical movement in a bit over two years, a movement that is not 60 percent, but 100 percent Swiss made, by investing between [$48-$64 million],” he said.