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Nick Hayek, CEO of the Swatch Group—the world's largest watchmaker—has stated that the company is currently not planning to enter the smartwatch market due to a lack of consumer enthusiasm. While competitors like Samsung and LG are making moves in the space, and rumors suggest Apple may also be preparing to launch its own smartwatch, Swatch remains cautious.
Hayek said, "You won't see us launching the first batch of smartwatches. Consumers still have a lot of resistance, so we will continue to observe." Despite this, he emphasized that the company possesses all the necessary technology to develop a smartwatch. Rather than jumping into the market directly, Swatch is exploring a more low-key approach by selling smartwatch components to OTHER manufacturers.
Currently, the global watch industry is valued at $62 billion, and according to analysts, the sale of smartwatch components could boost Swatch’s revenue by as much as $222 million. Although Hayek didn’t name specific companies, he mentioned that it includes a U.S.-based manufacturer of fitness trackers.
If demand for smartwatches increases significantly, Swatch may reconsider its position and leverage its extensive global sales network to enter the market. Hayek added, "I believe in smartwatches, but they won’t replace traditional watches. If the market really takes off, we’ll join."
Swatch is aware of the risks involved in entering new markets. A few years ago, the company partnered with Microsoft to launch the Paparazzi, a wireless data watch that offered news, sports updates, weather, and stock prices through Microsoft’s MSN Direct service. However, the product did not achieve long-term success.
In recent months, Swatch’s shares have seen some volatility. On the Zurich Stock Exchange, the company’s stock rose 0.5% on the day of the report. However, this year, the share price has dropped by 10%, marking the first annual decline since 2011.
Analysts from RBC Capital Markets predict that Apple could generate up to $11 billion in annual revenue from smartwatch sales. Meanwhile, UBS believes Apple will introduce its smartwatch by the end of the year. Apple has not commented on its plans for the product.