Swiss watchmaker Swatch Group is going to increase the prices of its luxury watch by 5-10% in Europe, its CEO said on Wednesday, given the soaring Swiss franc against the euro triggered by a recent change in monetary policy by the Swiss National Bank (SNB).
“We will adjust prices in Europe for some brands between 5 to 7 percent, to 10 percent,” said CEO Nick Hayek in an interview with Bloomberg.
The price increases primarily concern the prestige watches Breguet, Blancpain and Omega as well as the high-end brand Longines, according to the head of the world’s leading watchmaker. Hayek said he will be “more reluctant” to raise prices for Swatch and Tissot, which sell models at lower prices.
