SAEDNEWS: Nick Hayek, CEO of Swiss watchmaker Swatch, announced that following last month’s 39% U.S. tariffs on Swiss goods, the company will raise its prices in the American market by 5 to 15 percent.
Swatch CEO Nick Hayek stated that U.S. tariffs could be mitigated through transfer pricing, profit margins, and product costs.
He added, “We will raise prices based on our brand in the range of 5 to 15 percent. However, since we also have a strong presence in Canada and Mexico, there will be opportunities for U.S. consumers there.”
The Swiss watchmaker’s CEO also noted that Swatch products are available on hundreds of Caribbean cruise ships, often duty-free.
Referring to the special-edition watch his company launched last week, Hayek took a subtle jab at former U.S. President Donald Trump’s tariffs, saying overall, Swatch has performed well in the United States.
He explained that prices for all brands increased by roughly 15 percent in local currency by the end of August, and American customers continue to buy despite the hikes.
Hayek specifically mentioned the MoonSwatch MoonShine Gold, which now costs $450 instead of $400.
Reuters reported that the Swatch CEO acknowledged that U.S. customers weren’t happy about the price increases, but they understood it wasn’t Swatch’s fault—it was the result of U.S. policy.
