The emerging markets miracle will not be enough to prevent 2008 from being the year the Swiss watchmaking industry will suffer its first significant slowdown in half a decade. And 2009 is not looking any better.
Swiss watchmaker Swatch Group is still confident about growth in the second half of the year despite the global economic slowdown, the group's chairman Nicolas Hayek was quoted as saying on Tuesday, September 23th.
Swatch Group would consider buying a well managed retailer in Europe, the Chairman of the world's largest watchmaker was quoted as saying on Thursday, but he ruled out a takeover of Junghans or investing in Peace Mark.
Shares in watchmaker and retailer Peace Mark were suspended Monday after private equity firm CVC Asia Pacific made an indicative offer for shares in the company in what sources called a "white knight" bid.